πŸ”₯ Olympic Entertainment Group AS (0FH1) Quote | Morningstar

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Description. Olympic Entertainment Group is a provider of gaming services in the Baltic States (Estonia, Latvia and Lithuania) and operates casinos in Slovakia.


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Olympic Casino Bel IP was liquidated on 29 May , therefore the general management, financial management and investor relations.


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Group has over casinos and approximately 35 betting shops and most of the group's casino properties operate under the trademark of Olympic Casino.


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Earlier this week, the terms of a 4 billion euro bond deal to finance a private equity buyout of Thyssenkrupp Elevator was amended to cut the ability of the consortium led by Advent and Cinven to make similar transfers. PR Newswire. Yahoo News UK. In , retailer J. Yoruk Bahceli. Covenant Review and Reorg Research also said the original terms would have left bond investors with scant protection. Associated Press.

Olympic Entertainment, owned by private equity firm Novalpina Olympic casino investor relations, told bondholders on June 18 link had moved some assets - all its online operations and a Lithuanian business - into an entity not bound by its credit agreements, according to an email seen by Reuters.

PA Media: Sport. Such a move has been referred to since as "pulling a J.

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A lower valuation makes it easier for the asset transfer to comply with the bond's terms, lawyers said. It is, however, all too familiar to investors in U. Lawyers and credit analysts said they expected more European firms hit by the COVID pandemic to exploit weak debt terms, or covenants, to shift assets away from creditors and use them to raise more cash. The company, which operates the Olympic Casino brand, distributed shares in the separate entity to a parent company controlled by Novalpina, the email said, effectively paying the London-based firm a dividend. The bonds are bid at about 79 cents, down from 84 before the transfer and As far as we are aware there has been no company in Europe that has used the unrestricted subsidiaries manoeuvre to do something slightly nefarious," said Shweta Rao, senior director at Reorg. But the asset stripping tactic has so far been a U. Yahoo News. What to Read Next. Story continues. A spokesperson for Ineos said its covenants were standard for a company of its size, rating and market standing, and its financial policy had been communicated clearly to investors. A source familiar with Olympic Entertainment told Reuters it was likely to require new financing and the transferred assets could be pledged as security to new lenders. Yahoo Finance. Other large companies with European debt that can make similar asset transfers based on their debt covenants include Britain's theme park operator Merlin Entertainments and chemicals company Ineos, Covenant Review said. Crew shocked debt markets by using assets it had moved out of the reach of creditors, despite them being pledged as collateral, to raise more debt. Companies have been able to make such transfers thanks to looser terms on debt agreements in recent years as yield-hungry investors accept less protection in a quest for higher returns. Business Wire. Motley Fool. Covenants on European high-yield bonds have became more than twice as permissive over the past decade, according to financial intelligence provider Reorg Research, and central banks have warned the deterioration in lending standards. Lawyers said the transfer, which was legal according to the bond's terms, was the first such move in Europe's debt markets. Olympic Entertainment, which had casinos at the end of in Estonia, Latvia, Lithuania, Slovakia, Italy and Malta, did not respond to requests for comment. But even with the changes, the bonds still allow some assets to be moved away from creditors, they said. In The Know. Credit research firm 9fin said the initial covenants were the "worst of any deal we've ever reviewed". Crew", and has been copied by others in the United States, including retailer Neiman Marcus, which moved its online business MyTheresa out of the reach of bondholders in Crew and Neiman Marcus both filed for bankruptcy in May after shutting stores during coronavirus lockdowns. Yahoo Life. Yahoo News Video. Olympic's asset shift means holders of a million euro bond maturing in would no longer be able to make a claim against the assets were the company to go bankrupt, according to bondholders questioning the move and lawyers.