Firma verlässt Rehabiliation - Warren Buffet Alarm
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The COFINA Plan of Adjustment became effective on February 12, 2019, which resolved the COFINA debt restructuring and 78% of Ambac's Puerto Rico exposure. As part of the transaction:
Policyholders electing not to commute Ambac insured COFINA bonds (approximately 25% of insured net par exposure):
• Agreed to deposit their Ambac Assuranceinsured senior COFINA bonds into a trust in exchange for units issued by the trust
◦ The trust holds a ratable distribution of new COFINA bonds and cash:
▪New COFINA bonds with face value of $480 million
▪ Cash of $28 million, which was distributed to unit holders
• Will receive future distributions from the trust collateral that will offset Ambac’s remaining obligation on its insurance policy in the trust
Ambac exposure impact (based on December 31, 2018 balances):
◦ COFINA insured Net Par exposure reduced by $603 million or 75% to $202 million of COFINA exposure due to commutations
◦ Net Insured Principal and Interest reduced by $5.5 billion or 59% to $3.8 billion for all Puerto Rico exposure
◦ Reserve benefit in 4Q18 of $42 million with a total benefit of $120 million for 3Q18 and 4Q18
Ambac Insured COFINA bonds owned by Ambac:
• Bonds were commuted with Ambac receiving:
◦ $100 million in cash
◦ $946 million in new COFINA bonds (maturity value)
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Unter dem Strich lese ich 603 + 1046 = $ 1649 Millionen operativen Gewinn für Q1 2019
COFINA insured Net Par exposure reduced by $603 million +
◦ $100 million in cash
◦ $946 million in new COFINA bonds (maturity value)
Sturzhelme auf und Stellung halten bleibt da nur. :D
Die Bank of America scheint gefolgt von den Trustees Klage (5) zu erst zu kommen.
07.05.19 Q1 2019 Ergebnisveröffentlichung (geplant) 03.06.19 |17:00 Jahreshauptversammlung
7.08.19 Erstes Halbjahr 2019 Ergebnisveröffentlichung (geplant)18.11.19 Q3 2019 Ergebnisveröffentlichung (geplant)
".. Cofina junior bondholders took the first option and “tore up” the policy. The remaining took the second option and have their policy intact. Ambac, according to sources, is on the hook to pay what is owed on the policy if Cofina ever defaults. In the meantime, Ambac must pay any shortfalls if Cofina is unable to pay the entire value of the bonds. For instance, if a bondholder gets 93 percent of the value of the bonds in Cofina payments, the insurer will have to pay the 7 percent difference on the value of the bonds that the Cofina bondholder did not receive... "
With respect to Cumulative EBITDA at Ambac, the Company exceeded the target performance goal and achieved a Cumulative EBITDA of $16.0 million.
Was den nun ein NAV von 1,8 Milliarden oder 1,1 Milliarden? Das sind Zuschreibungen die möglich sind, weil die Schuldenlast sich zu den Vermögenswerten verringert haben. Die sind in den VIE wahrscheinlich verbucht.