Wednesday, 28 March 2012
No quorum on the CHF meeting. Results for other bonds
Here is the result of the bondholder's meeting list so far. A total of
3billion have either rejected the amendment or failed to reach a quorum.
Only 2 bonds voted yes to the exchange thus far totalling 456million.
These are the results of the voting on the 27th as published by the
Greek government.
With regards to the CHF bondApparently (link here) the bondholder's meeting (10am today in Zurich) to decide the fate of the CHF Greek bond failed to reach a quorum (Report is unconfirmed). The Swiss stock exchange report is here In
this case the extraordinary resolution was not passed. This means that
they will try again in the next few days/weeks. If the result is again
negative then either Greece would have to keep on servicing the bonds or
they will declare a stop in payments. Namely, a moratorium. This
obviously is more seriously than the restructuring event due to the CAC.
This is what is been reported:
Official Notice
Nr: 76748
Title: Hellenic Republic CHF 650,000,000 2.125% Bonds due 5 July 2013
Valor-No.: 2183952
ISIN: CH0021839524
Subject: Results of Meeting
"NOTICE OF RESULTS OF MEETING
of the holders (the Bondholders ) of the outstanding
CHF 650,000,000 2 1/8% Bonds Due 5 July 2013 (ISIN: CH0021839524)
issued by
The Hellenic Republic
NOTICE IS HEREBY GIVEN to the Bondholders that no quorum was present at the meeting of such holders convened by the Notice
dated 24 February 2012 published on the website of the SIX Swiss Exchange (www.six-swiss-exchange.com) (the Notice of
Meeting ) and held on 28 March 2012 (the Meeting ) at which the Extraordinary Resolution set out in such Notice of Meeting
relating to amendments to the Bonds was to be considered.
Since a quorum was not present at the Meeting for the Extraordinary Resolution, the Extraordinary Resolution was not
considered at the Meeting, which was dissolved.
Accordingly, the modifications referred to in the Extraordinary Resolution in respect of the Bonds will not be implemented.
The Hellenic Republic emphasized that it has, from the outset, advised its creditors that its economic programme does not
contemplate the availability of funds to make payments to private creditors that decline to participate in the Private Sector
Involvement (PSI) in excess of the amounts they would otherwise have received and will continue to pursue the objectives of
PSI.
This Notice is given by:
The Hellenic Republic
Ministry of Finance
Public Debt Management Agency
8 Omirou Street
10564 Athens
The Hellenic Republic
Dated: 28 March 2012
| Issuer | Category | ISIN | Result |
| Hellenic Railways | ForLawGuar | FR0000489676 | Not Passed |
| Hellenic Railways | ForLawGuar | XS0208636091 | Inquorate |
| OASA | ForLawGuar | XS0354223827 | Not Passed |
| Hellenic Railways | ForLawGuar | XS0165688648 | Not Passed |
| GREECE | CHF | CH0021839524 | Inquorate |
| Hellenic Railways | ForLawGuar | XS0142390904 | Not Passed |
| OASA | ForLawGuar | XS0198741687 | Inquorate |
| Hellenic Railways | ForLawGuar | FR0010027557 | Not Passed |
| Hellenic Railways | ForLawGuar | XS0193324380 | Inquorate |
| Hellenic Railways | ForLawGuar | XS0215169706 | Inquorate |
| OASA | ForLawGuar | XS0308854149 | Passed |
| Hellenic Railways | ForLawGuar | XS0160208772 | Inquorate |
| Hellenic Railways | ForLawGuar | XS0280601658 | Passed |
With regards to the CHF bond
This is what is been reported:
Official Notice
Nr: 76748
Title: Hellenic Republic CHF 650,000,000 2.125% Bonds due 5 July 2013
Valor-No.: 2183952
ISIN: CH0021839524
Subject: Results of Meeting
"NOTICE OF RESULTS OF MEETING
of the holders (the Bondholders ) of the outstanding
CHF 650,000,000 2 1/8% Bonds Due 5 July 2013 (ISIN: CH0021839524)
issued by
The Hellenic Republic
NOTICE IS HEREBY GIVEN to the Bondholders that no quorum was present at the meeting of such holders convened by the Notice
dated 24 February 2012 published on the website of the SIX Swiss Exchange (www.six-swiss-exchange.com) (the Notice of
Meeting ) and held on 28 March 2012 (the Meeting ) at which the Extraordinary Resolution set out in such Notice of Meeting
relating to amendments to the Bonds was to be considered.
Since a quorum was not present at the Meeting for the Extraordinary Resolution, the Extraordinary Resolution was not
considered at the Meeting, which was dissolved.
Accordingly, the modifications referred to in the Extraordinary Resolution in respect of the Bonds will not be implemented.
The Hellenic Republic emphasized that it has, from the outset, advised its creditors that its economic programme does not
contemplate the availability of funds to make payments to private creditors that decline to participate in the Private Sector
Involvement (PSI) in excess of the amounts they would otherwise have received and will continue to pursue the objectives of
PSI.
This Notice is given by:
The Hellenic Republic
Ministry of Finance
Public Debt Management Agency
8 Omirou Street
10564 Athens
The Hellenic Republic
Dated: 28 March 2012
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