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FMO |
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In the case of the debt issue, the recovery expected by Fitch is enhanced by the presence of the FMO partial guarantee, which will guarantee up to EUR33 million for noteholders in the event of default. The consortium is composed of Advent (56%), Morgan Stanley Strategic Investments (24%), DEG -- a German development company -- (10%), and the Netherlands Development Finance Company -- FMO -- (10%). FMO has not yet decided whether to accept or reject the 1998 Purchase and Sale Agreement, including the indemnity obligations of each party, but the expectation is that the agreement will be rejected. |
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