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Aladdin Capital Management coordinates committee for debt restructure

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A group of investors in Wind Hellas Telecommunications’ subordinated notes have formally organised a bondholder committee representing the interests of investors holding approximately EUR500m of debt in both the EUR and USD tranches.

The committee has gained significant traction in recent days as increasing numbers of investors with interests in the subordinated notes have identified themselves and have expressed an interest in participating in the group.

The committee has appointed advisers, including Jones Day and PWC, and is being co-ordinated by Michael Hodges of Aladdin Capital Management UK.

The committee intends to discuss with Wind Hellas and its appointed adviser Morgan Stanley the restructuring of the company’s debt.

Hodges says: “Wind Hellas is an attractive investment and we see upside in the credit based on our assessment of the company’s growth potential, asset base, future cash flows and unrealised value post restructuring and well-documented interest from trade buyers. Initial analyses conducted by committee members appear to suggest that subordinated note holders are clearly within the value break under almost all reasonable valuation scenarios. PWC has been appointed on behalf of bondholders to verify these assessments of valuation. The committee is keen to cooperate with all senior creditor classes in achieving a consensual, investor-optimal and timely resolution to the debt issues faced by the company.”

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