The Evil Diaires: Phosphorus Holdco Bonds

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Stonehill Capital Partners have entered into a confidentiality agreement with PwC as administrator of Phosphorus Holdco. PwC have no money whilst Stonehill have and, which is more to the point, are hopping mad.

Astonishingly, Eurobonds are often issued such that neither the issuer nor, as in this case, the administrator can access the register. This would not matter if distributions simply got paid away by the borrower/issuer to the paying agent and bondholders wound up satisfied. This is because any dissatisfied bondholders would soon register their views in the event of not receiving monies they had expected.

Here the administrators want to know who wants to engage in financing the recoveries which should emerge from BC Partners. It is bizarre that they cannot find out methodically.

Anyway, I have now been contacted by PwC and, as best they can, they are on the case. This makes Phosphorus Holdco bonds a clear buy up to, say, 10p.

Stonehill are not to be trifled with.


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