They are not convinced yet Geveran Investments and Barclays, the two hedge funds that hold 5% and 6% of Seat Pagine Gialle's bank debt. Despite the approval received from the other bondholders and from the banks, the restructuring plan of the Turin group, which envisages securing a debt of 2,7 billion by the autumn, continues to leave the two hedge funds perplexed.
The two creditors have sent two letters to the Board of Directors of Seat and to the lead banks, Rbs and Bnp Paribas, in which they signal their doubts about the potential unknowns of the bailout process. The main reporting concerns the information gap towards creditors and the market.
Geveran and Barclays ask for clarification on the possible fiscal and legal consequences of the operation. Also doubts about any guarantees received from the Bank of Italy on the absence of legal risks in the new financing structure, given the direct presence of foreign funds. The funds require greater information transparency towards the market to avoid any lawsuit or class action.
In mid-morning, the Seat Pagine Gialle headline lose 0,67% in Piazza Affari, at 0,0298 euro per share.
