Le banche italiane possono recuperare più di quello che hanno dato - gz
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By: GZ on Mercoledì 29 Dicembre 2004 12:52
Le banche italiane esposte a Parmalat potrebbero recuperare, grazie alla strategia di Bondi rivolta a chiedere risarcimenti nei tribunali americani a quelle estere, più di quello che hanno prestato! specie Capitalia.
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MILAN (Dow Jones)--Some Italian banks exposed to Parmalat Finanziaria SpA (PRF.MI) could find that they get back more than they loaned to the collapsed dairy group, according to a debt analysis. This curious outcome would stem from various lawsuits the company's government appointed bankruptcy administrator, Enrico Bondi, has filed against institutions - including banks - he alleges were partly to blame for Parmalat's collapse. Parmalat was declared insolvent under more than EUR14 billion of debt late last year.
If successful, the legal strategy could bring more money into the corporate coffers, increasing the amount creditors stand to gain under a debt-for-equity plan. Italian banks that loaned to certain Parmalat operating subsidiaries, which were granted privileged credit status, could find their recovery ratios as high as 200%, according to Ceki Medina, an analyst at DebtTraders.
"The creditors of Eurolat and Lactis, which are mostly Italian financial institutions and already guaranteed 100% recoveries in their claims, stand to recover between 150%-200% if one considers the cash that Parmalat is expected to receive from its banks and auditors," Medina said. However, the privileged credit status applies to just a fraction of Parmalat's debt. Eurolat and Lactis, both based in Italy, had combined debt of EUR156 million.
Rome-based Capitalia SpA (CAP.MI) was by far their largest creditor, followed by Banca Popolare di Lodi Scarl (PLO.MI), Banca Intesa SpA (BIN.MI), UniCredito Italiano SpA (UC.MI) and Banca Monte dei Paschi di Siena SpA (BMPS.MI). Bondi has filed separate suits for up to $10 billion each against Citigroup Inc. (C), Bank of America Corp. (BAC), Parmalat's auditors, and some 45 Italian and foreign banks. Citigroup and Bank of America have denied any wrong doing.
Bondi has also drafted a debt-for-equity plan that would give creditors shares in the new Parmalat next year. Under that plan, creditors would receive shares in the new Parmalat next year worth roughly the value of their original loans. That means the value of their compensation would rise above their original loan if any of the lawsuits brought money to the new Parmalat.
Parmalat's salvage plan assigns recovery rates of between 11% and 30%of original value to the company's publicly traded bonds. However, the bonds are now trading in a range of 20% to 50%, indicating investors believe the legal strategy will bring some money into the corporate coffers. The salvage plan is expected to be approved by shareholders and creditors.
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