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Tale of Transcentury CEO exit, Sh8b Debt
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hisah
#171 Posted : Monday, July 04, 2016 3:58:43 PM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
lochaz-index wrote:
In short, TCL defaulted and is still going to default. A restructuring of debt is technically a default(which has already happened). The same applies to a moratorium (which it will be taking from September this year).

Why would/did the bondholders take such a huge loss and a further downgrade of their debt instead of pressing for payments or seek to wind up the company altogether?

Secondly, why would the minority bondholders convert their holdings into equity with heavy dilution just around the corner?

Thirdly, who are the faces behind kuramo capital and why are they injecting such a hefty amount in a company that ain't worth as much? With a given certainty of continued hemorrhage for the remainder of the outstanding bond amounts and loss making by TCL, kuramo may not get a return on equity for a long time... Why invest?

This is baffling/does not add up on so many levels.

Doesn't make any sense! Something stinks here. Mr market will expose it.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Fyatu
#172 Posted : Monday, July 04, 2016 3:59:59 PM
Rank: Veteran

Joined: 1/20/2011
Posts: 1,820
Location: Nakuru
moneydust wrote:
hisah wrote:
Wow! Bondholders have taken deep haircuts! I wonder what was the rationale behind the holders absorbing these haircuts.


Unbelievable..its just ludicrous. Maybe the bondholders and equityholders are the same.



That is the only logical conclusion about this bond issue...i hear Kuramo is coming in with US$ 300 millions
Dumb money becomes dumb only when it listens to smart money
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Fyatu
#173 Posted : Monday, July 04, 2016 4:01:35 PM
Rank: Veteran

Joined: 1/20/2011
Posts: 1,820
Location: Nakuru
I also hear that shareholders just like Homa bay MCAs protested for being served soda and mandazi for lunch during the AGM....
Dumb money becomes dumb only when it listens to smart money
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Swenani
#174 Posted : Monday, July 04, 2016 4:17:00 PM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
Fyatu wrote:
I also hear that shareholders just like Homa bay MCAs protested for being served soda and mandazi for lunch during the AGM....


How sad!!
Can you imagine as an owner, you get served soda and mandazi for lunch while when your employees have meetings, they get served buffet lunch! Is that fair?
If Obiero did it, Who Am I?
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Mainat
#175 Posted : Monday, July 04, 2016 4:35:31 PM
Rank: Veteran

Joined: 11/21/2006
Posts: 1,590
My humble take, this is a houdini act...
Sehemu ndio nyumba
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moneydust
#176 Posted : Monday, July 04, 2016 5:10:30 PM
Rank: Member

Joined: 1/31/2007
Posts: 304
Mainat wrote:
My humble take, this is a houdini act...


Juju is real...
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murchr
#177 Posted : Monday, July 04, 2016 5:56:31 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
Mainat wrote:
My humble take, this is a houdini act...


That's some serious kind of optimism. There has to be something we don't know
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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Othelo
#178 Posted : Monday, July 04, 2016 6:24:03 PM
Rank: User

Joined: 1/20/2014
Posts: 3,528
We wrote off these wazees then they have pulled a first one kweli some serious experience right there!!!!!
Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Mike Ock
#179 Posted : Monday, July 04, 2016 9:51:08 PM
Rank: Member

Joined: 1/22/2015
Posts: 682
lochaz-index wrote:
In short, TCL defaulted and is still going to default. A restructuring of debt is technically a default(which has already happened). The same applies to a moratorium (which it will be taking from September this year).

Why would/did the bondholders take such a huge loss and a further downgrade of their debt instead of pressing for payments or seek to wind up the company altogether?

Secondly, why would the minority bondholders convert their holdings into equity with heavy dilution just around the corner?

Thirdly, who are the faces behind kuramo capital and why are they injecting such a hefty amount in a company that ain't worth as much? With a given certainty of continued hemorrhage for the remainder of the outstanding bond amounts and loss making by TCL, kuramo may not get a return on equity for a long time... Why invest?

This is baffling/does not add up on so many levels.


https://kuramocapital.com/about/team/

From researching these fellows, my best bet is it's the usual Transcentury patronage playbook, with a very official looking intermediary this time round
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Swenani
#180 Posted : Monday, July 04, 2016 10:56:08 PM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
Mike Ock wrote:
lochaz-index wrote:
In short, TCL defaulted and is still going to default. A restructuring of debt is technically a default(which has already happened). The same applies to a moratorium (which it will be taking from September this year).

Why would/did the bondholders take such a huge loss and a further downgrade of their debt instead of pressing for payments or seek to wind up the company altogether?

Secondly, why would the minority bondholders convert their holdings into equity with heavy dilution just around the corner?

Thirdly, who are the faces behind kuramo capital and why are they injecting such a hefty amount in a company that ain't worth as much? With a given certainty of continued hemorrhage for the remainder of the outstanding bond amounts and loss making by TCL, kuramo may not get a return on equity for a long time... Why invest?

This is baffling/does not add up on so many levels.


https://kuramocapital.com/about/team/

From researching these fellows, my best bet is it's the usual Transcentury patronage playbook, with a very official looking intermediary this time round

It had to be Kenyans and Nigerians!
If Obiero did it, Who Am I?
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