Suntech Bonds Trading At New Lows $STPFQ
Monday's trades:
11/25/2013 500,000 @ 14.500
11/25/2013 500,000 @ 14.050
11/25/2013 10,000 @ 13.880
11/25/2013 500,000 @ 13.950
11/25/2013 500,000 @ 13.950
Getting low.
Tuesday, November 26, 2013
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12 comments:
That's Spinwater and Clearraker dumping 500-lots...
Some modest sized orders hitting the equity bid in the AM as well. Perhaps some news is on its way.
Low volume makes STPFQ very unattractive for algos and momo players.
JPLs are probably under pressure to release a restructuring agreement prior to (or immediately following) the involtunary bankruptcy hearing next month.
I think many bondholders are loosing faith and as more jump ship, we will get a better sense as to how long the equity will float.
By the way, what will happen at the hearing? Both sides will contest one another. But will there be a ruling (followed by a written judgement) -- how do NY judges typically go about granting relief in chapter 7 bankruptcy cases?
China Natural Gas is a similar case. It took 4 months of back and forth responses in the court to accept the involuntary bankruptcy. It then asked for time to submit a PoR. The process is still ongoing.
Ha! I don't know that it is legal for the bondholders who signed the Restructuring Framework Agreement to trade the securities (or unload their bonds) given that they are essentially insiders of the company now.
Law360, New York (July 09, 2013, 5:13 PM ET) -- China Natural Gas Inc., which for months tried to escape the involuntary bankruptcy petition lobbed against it, on Tuesday officially became a debtor under the control of a New York bankruptcy court after it agreed to drop the fight.
http://www.law360.com/articles/455970/china-natural-gas-drops-fight-against-bankruptcy-case
The case is In re: China Natural Gas Inc., case number 1:13-bk-10419, in the U.S. Bankruptcy Court for the Southern District of New York.
CNG has spent the last three years entangled in litigation and financial distress. The company was pushed into Chapter 11 bankruptcy in February by one of its board members, Xiang Dong (Donald) Yang, and vehemently fought the petition until July, when it dropped its opposition and became a debtor under the control of a New York bankruptcy court.
http://www.law360.com/articles/475575/china-natural-gas-auditors-escape-shareholder-class-action
The Company disputes the amount allegedly owed, and has been in negotiation with the Holders but has not able to come to a resolution with the Holders. As disclosed above, on February 8, 2013, the Holders initiated involuntary bankruptcy proceedings with respect to the Company under the U.S. Federal Bankruptcy Code. The Company intends to oppose the petition.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=9084598-1195-13186&type=sect&dcn=0001144204-13-008513
China Natural Gas still trade at .41 after it was placed in CH7 in February?
That's not very comforting..
That's a market cap of $9 million. Much different.
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