Recovery Report: Truvo N.V. Recovery Rating Profile - S&P Global Ratings’ Credit Research

Recovery Report: Truvo N.V. Recovery Rating Profile

Recovery Report: Truvo N.V. Recovery Rating Profile - S&P Global Ratings’ Credit Research
Recovery Report: Truvo N.V. Recovery Rating Profile
Published Dec 23, 2011
Published Dec 23, 2011
Price US$ 500.00  |  Buy this Report Now

About This Report

  
Abstract:

We are updating our recovery analysis on international publisher of classified directories Truvo N.V. (CCC+/Negative/--) and its holding company Talon PIKco N.V. (PIKco). Our simulated default scenario projects a default in 2012, due to excessive leverage and debt restructuring as a result of operating underperformance. We believe that Truvo would be reorganized as a going concern in the event of a default. We believe that our estimated enterprise value would provide very high (90%-100%) and average (30%-50%) recovery prospects for super-senior revolving credit facility and first-lien lenders, respectively. This leaves negligible recovery prospects for second-lien noteholders at Truvo and subordinated payment-in-kind noteholders at PIKco. In Standard&Poor's Ratings Services' view, the senior secured facilities benefit from quite a comprehensive

  
Report Type:

Full Report

Sector
Global Issuers
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Recovery Report: Truvo N.V. Recovery Rating Profile" Dec 23, 2011. Alacra Store. Nov 14, 2018. <http://www.alacrastore.com/s-and-p-credit-research/Recovery-Report-Truvo-N-V-Recovery-Rating-Profile-924493>
  
APA:
S&P Global Ratings’ Credit Research. (). Recovery Report: Truvo N.V. Recovery Rating Profile Dec 23, 2011. New York, NY: Alacra Store. Retrieved Nov 14, 2018 from <http://www.alacrastore.com/s-and-p-credit-research/Recovery-Report-Truvo-N-V-Recovery-Rating-Profile-924493>
  
US$ 500.00
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