Peugeot http://www.bloomberg.com/quote/UG:FP 6 July http://www.bloomberg.com/news/2012-...ales-fall-13-on-slowing-europe-demand-2-.html 12 July http://www.bloomberg.com/news/2012-...-plant-as-reorganization-cuts-9-600-jobs.html http://www.bloomberg.com/article/2012-07-12/au3Els2I1Bao.html but the bond yields aren't as high as other potential bankruptcy candidates: http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol=peugf
SVU looks like a good bankruptcy candidate Bonds: http://cxa.gtm.idmanagedsolutions.com/finra/bondcenter/SearchResult.aspx?q=svu Q1 2013 results: http://finance.yahoo.com/news/supervalu-announces-fiscal-first-quarter-203000656.html The dividend suspension is good for the bonds, but questions remain about the long-term solvency of the company.
Bronte Capital on SVU: 12 July 2012 http://brontecapital.blogspot.com.au/2012/07/supervalu-and-wayne-gretsky-school-of.html 7 March 2012 http://brontecapital.blogspot.com.au/2012/03/follow-up-to-small-cap-post-and-some.html
"Supervalu Seeks $2.5 Billion Loan to Refinance, Bonds Drop" http://www.bloomberg.com/news/2012-...-billion-loan-to-refinance-bonds-drop-1-.html Supervalu, whose stock sank 49.2 percent to $2.69 in New York today, saw its $1 billion of 8 percent senior unsecured bonds due in May 2016 dropped 11.25 cents today, to 90.25 cents on the dollar at 3:35 p.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The notes are yielding 11.2 percent, the most since they were sold in April 2009. May 2016: http://cxa.gtm.idmanagedsolutions.com/finra/bondcenter/BondDetail.aspx?ID=ODY4NTM2QVQw Fitch downgrade to CCC: www.reuters.com/article/2012/07/12/idUSWNA088720120712 "The company's key upcoming maturities are $140 million of notes in 2013, $490 million of notes and the $200 million A/R facility in 2014, and $1 billion of notes in 2016. The company should be able to handle the 2013-2014 maturities with free cash flow, leaving the next big hurdle in May 2016, when the $1 billion in notes comes due. "
From the list of most active high yield bonds (presumably for Thu 12 May): http://cxa.gtm.idmanagedsolutions.com/finra/bondcenter/tracemarketaggregatestats.aspx SVU May 2016 8.00%, yield 11.04% SVU Nov 2014 7.50%, yield 10.07% Albertsons (SVU) May 2013 7.25%, yield 8.89% ATPG May 2015, last 43.50, yielding 52.54% (game over soon) NAV Nov 2021 8.25%, yield 9.47%
Commentary about Peugeot (UG): http://www.bloomberg.com/news/2012-...-state-intervention-concerns-paris-mover.html down another 7% to another 52-week low
More on Peugeot "Peugeot Has 51% Chance of Debt Default, Credit Swaps Show" http://www.bloomberg.com/news/2012-...chance-of-debt-default-credit-swaps-show.html
Zero Hedge on Peugeot, referring to the Bloomberg story above. "Peugeot, Its Record High Default Probability, And A Brief Primer On Corporate Viability Under Socialism" http://www.zerohedge.com/news/peuge...ief-primer-corporate-viability-under-socialis
Elsewhere in France, Alcatel-Lucent dropped to a 52-week low earlier this week, following a profit warning. ALU reports earnings on 26 July. Alcatel-Lucent Bonds Drop to 1-Month Low as Margin Target Missed http://www.bloomberg.com/news/2012-...p-to-1-month-low-as-margin-target-missed.html "Alcatel-Lucentâs 500 million euros ($612 million) of 8.5 percent high-yield bonds due 2016 dropped 3.8 cents to 94.94 cents on the euro as of 3 p.m. in London, the lowest since May 13, data compiled by Bloomberg show. The price drop pushed the yield to a two-month high of 10.3 percent. " Morningstar debt profile: http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol=alu
Nokia Debt Rating Cut to Junk at Fitch http://www.bloomberg.com/news/2012-07-20/nokia-debt-rating-cut-to-junk-at-fitch.html "The long-term rating was cut to BB- from BB+ with a negative outlook, Fitch said in a statement today. "Nokia has debt of 5.2 billion euros ($6.3 billion). Its financial position is strong and liquidity profile ârobust,â according to an e-mailed statement from the Espoo, Finland-based company. Fitchâs rating is âunsolicited,â Nokia said. In addition to net cash of 4.2 billion euros at the end of June, Nokia said it has access to a 1.5 billion-euro revolving credit facility without financial covenants until 2016. " *** My comment: So if it is burning 1 billion EUR a quarter, then it might run out of cash before the 2 April 2014 bond matures. I'm short NOK calls.