| 作者 |
 Victor Li 收购加航案例: 分文不值的股票为何能以加币$1。19收市？实在让人迷糊不解。 |
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Ipanema
[博客]
[个人文集]
游客
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作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Air Canada has chosen Hong Kong-based businessman Victor Li to be the airline's new equity partner – a major step in its eventual emergence from bankruptcy protection.
AIR CANADA DEAL
** Li pays $650 million for 31% stake
** Top exectives get 1% each
** Creditors get 56%
** Shareholders get 0.01%
Li beat out a competing offer from New York-based Cerberus Capital Management.
Li will invest $650 million, according to a plan approved by the board of directors on the weekend.
The airline will offer $450 million in shares to its creditors to complete a $1.1 billion restructuring.
If Air Canada gets court and creditor approval for the plan, Li's Trinity Time Investments will hold 31 per cent of the common equity in the airline.
In a statement, Air Canada CEO Robert Milton praised the "the success of Victor Li in his global business endeavours."
Li has dual Chinese-Canadian citizenship and is the eldest son of Li Ka-shing, one of Hong Kong's wealthiest men. The Li family has a majority stake in Calgary-based Husky Energy
Top two Air Canada executives in line for millions in stock
Under terms of the deal, creditors will get 56 per cent of the airline's equity. The creditors are owed a total of between $8 billion and $10 billion.
The deal also calls for rich retention bonuses for Milton and the airline's chief restructuring officer, Calin Rovanescu.
Each executive will be entitled to 1 per cent of the airline's stock to be paid over the next four years.
Based on the 31 per cent of the equity stake Trinity Time will get for $650 million, that 1 per cent stake for Milton and Rovanescu would be worth $20,968,000 each.
But that amount will change with the trading value of Air Canada's new equity. The stock will come from Trinity's equity stake.
An executive stock option program will be set up with up to five per cent of total shares. Executives who continue with the company have been told that salaries and bonuses cannot be higher than what are currently available.
Union leaders were not pleased with news of the executive payouts. As part of the restructuring process, their members have agreed to concessions worth hundreds of millions of dollars.
Air Canada shareholders left with almost nothing
As expected, current shareholders of the airline's common stock will be virtually shut out once the restructuring in completed.
They'll be entitled to a "nominal" 0.01 per cent of the new company, or a total of $210,000 worth of equity. Their equity is now worth more than $80 million.
One investment dealer estimated that the new deal values current Air Canada shares at one-sixth of a cent each.
Given the dim prospects for current Air Canada shares, market analysts are puzzled by the relatively high value they've been trading at recently.
In Monday afternoon trading, the airline's stock was up 11 cents to $1.19, even though this weekend's equity restructuring deal means the shares stand to lose almost all of their value within the next few months.
FROM APRIL 1, 2003: Air Canada granted bankruptcy protection
Air Canada filed for bankruptcy protection on April 1.
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 Victor Li 收购加航案例: 分文不值的股票为何能以加币$1。19收市？实在让人迷糊不解。 -- Ipanema - (6386 Byte) 2003-11-11 周二, 06:50 (756 reads)
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