aus dem USA-Forum:
" Auto parts supplier Visteon Corp's restructuring plan was set to give senior lenders a 96.2 percent equity stake, which along with improved earnings, pushed the company's term loan over par or face value to around 113 percent in January, according to TRLPC.
Visteon's loan traded down to around 109 after the restructuring plan was amended to give unsecured creditors some recovery and bondholders continue to pursue an alternative plan to gain a controlling equity stake in the company.
With senior secured lenders gaining 80-90 percent equity stakes in restructured companies, hedge funds and other distressed debt investors are eager to buy the loans, boosting secondary loan prices still higher, sources said.
Funds investing in distressed companies funds are targeting bank debt as a proxy for equity in pursuit of a "loan-to-own" strategy, a restructuring attorney said.
But as Visteon shows, senior lenders' new role as holders of the fulcrum security could lead to difficult valuation disputes between equal-ranking senior secured lenders.
In previous downturns disputes between different classes of investors such as secured and unsecured investors or unsecured investors and equity providers were easily resolved by referring to the well-established hierarchy of lenders within capital structures. "
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