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Distressed: long ZLOMREX 8.5% 2014
Submitted by highyieldblog on 11/09/2009 22:22 -0400
For those who like to dig into legal language and/or partly outdated details:
A few slides from a 2007 CEE distributors congress:
Central & Eastern Europe Steel & Metal Distribution Market
Steel Markets in Central and eastern Europe - October 2009
Indebtedness Structure as per September 309th, 2009
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ZLOM did provide it's monthly debt update as per 30th of November 2009
today. Below pls find the summary and loans and borrowings break down.
Q3 09 conference call recap:
- ned debt was further reduced from PLN 953MM in Q2 to PLN 862MM. PLN 66M
by pos. cash flow and PLN 23MM by currency effect.
- management taking steps to address tight liquidity of PLN 28MM in cash and
PLN 113MM bank availability. some loans were extended (report to follow)
and management is taking every available option to improve liquidity and intents
to use all available cash for debt reduction. They will continue to sell non-
core assets.
- pending sale of Zeljezara Split: Croatian Privatization Fund offered
an alternative deal to sell Split after they rejected the Carlson PE fund
transaction. Management mentioned that deal terms are better than
Carlson's bid and that they had accepted the deal. No timeline on closing
yet.
- management expects EBITDA to continue to be negative in Q4 and
expects turn around some time in 2010.
Q3 call presentation
Q3 09 came in at an EBITDA loss of 12.1MM vs +81.3MM last year which represents
a further improvement after -61MM in Q2. Cash was at 28.1MM vs 31.4 in Q2 and
net debt was reduced by 9% from 952MM to 862MM helped by currency effect and
cash flow due to working capital improvements. Management is in negotiation with
Croatian Privatization Fund to find an altervative to the Carlson transaction for SPLIT
which was rejected by the Privatization Fund. The Group will continue to sell non-core
assets to improve liquidity. Conference call 12/7 3pm.
Q3 will be reported November 28th or 30th - Kloeckner and Salzgitter did both
report their first positive EBITDA nuber again in Q3 but steel prices started to weaken
again in October.