CONCORDIA BUS: Company Profile
------------------------------
NAME: Concordia Bus AB
Solna Strandvag 78
17154 Solna, Sweden
Concordia Bus Management A.S.
Lysaker Torg 12
Lysaker, Oslo
N1327 Norway
Phone: +47 67832950
Fax: +47 67832930
E-mail: info@concordiabus.com
PHONE: +46-8546 300 00
FAX: +46 8 546 300 55
WEBSITE: http://www.concordiabus.com/
TYPE OF BUSINESS: Concordia Bus operates bus systems under contracts with public transportation authorities in Sweden (through Swebus), Norway (through SBC), and Finland (through Concordia Finland). An affiliate of Goldman Sachs controls 51% of Concordia Bus, and Norwegian investment firm Schoyen Group owns 47%. Concordia Bus carries an estimated 280 million passengers each year through our three-business lines: Public Bus Transport, Express Coaches and Tour Coaches.
SIC: Transportation Services (Bus Services)
EXECUTIVES:
(a) Supervisory Board
Frode Larsen, Executive Chairman (Schoyen Group)
Richard Sharp (Goldman Sachs)
Harald Aernkvaern (Schoyen Group)
(b) Executive Board
Ragnar Norback, Chief Executive Officer
Per Skargard, Chief Financial Officer
(c) Company Leadership:
Jan Bosaeus, Managing Director, Swebus AB
Sjur Brenden, Managing Director, SBC Norway
Tom Ward, Managing Director, Concordia Bus Finland
Stefan Carlen, Managing Director, Swebus Express, Sweden
Per Erik Ericson, Managing Director, Interbus AB , Sweden
NUMBER OF EMPLOYEES: 9,000
ANNUAL REVENUE: SEK4,813 million (preliminary full year group profit
and loss ending Feb. 28, 2005)
EBIT: -SEK162 million (reported)
SHAREHOLDERS EQUITY: -SEK731 million
TOTAL NET ASSETS: SEK2,852 million
To see Preliminary Results for Year Ending 28 February 2005:
http://bankrupt.com/misc/Concordia(Prelim05).pdf
DEBTS:
(a) EUR160 million Senior Notes 2010 (traded in Luxembourg; issued by
Concordia Bus AB),
(b) EUR130 million Senior Secured Notes 2009 (issued by Concordia Bus
Nordic AB)
RATING: Concordia Bus AB rated 'SD' by S&P
EUR160 million Senior Notes 2010 rated 'D' by S&P
EUR130
million Senior Secured Notes 2009 rated 'C' by S&P
COMPANY STRUCTURE:
Concordia Bus B.V.
- Concordia Bus Holdings AB
- Concordia Bus AB
- Concordia Bus Nordic AB
- Swebus AB (Sweden Public Transport)
- Interbus AB (Sweden Coach Hire)
- Swebus Express AB (Sweden - Intercity Express)
- Concordia Bus Finland AB (Finland Public Transport)
- Ingenior M Schoyen Bilcentraler AS (Norway -
Public Transport)
THE TROUBLE: Concordia Bus AB has failed to pay the interest coupon on its EUR160 million ($202 million) subordinated notes. It is currently in negotiations with stakeholders and is seeking approval for a debt-for-equity restructuring plan, which envisages the transfer of 96% of its share capital to the holders of its EUR160 million subordinated notes. The plan, which includes several covenant changes, will require the consent of senior bondholders.
A copy of the restructuring plan is available free of charge at
http://bankrupt.com/misc/Concordia_Restructuring.pdf
SHAREHOLDERS: Concordia Bus B.V. is owned by:
Goldman Sachs - 51.00%
Schoyen Group - 47.15%
Management and Others - 1.85%
LEGAL ADVISOR: CLIFFORD CHANCE, London
Web site: http://www.cliffordchance.com
Phone: + 44 (0)20 7600 1000
LINDAHL, Stockholm
Phone: http://www.lindahl.se
Phone: + 46 (08) 670 5800
CORPORATE FINANCIAL ADVISOR: GOLDMAN SACHS, London
Web site: http://www.gs.com
Phone: +44 (0)20 7774 1000
AUDITOR: DELOITTE TOUCHE
Web site: http://www.deloitte.se
Phone: +46 (08) 506 71000
FINANCIAL ADVISERS TO CONCORDIA BUS NORDIC AB:
ALVAREZ & MARSAL (EUROPE) LIMITED
5th Floor, One Canada Square
London E14 5AA
Contact:
Tony Alvarez III
Phone: +44 (0) 207 715 5200
E-mail: TAlvarezIII@alvarezandmarsal.com
FINANCIAL ADVISOR TO AD HOC GROUP OF SENIOR NOTEHOLDERS:
CLOSE BROTHERS GROUP PLC
10 Crown Pl.
London
EC2A 4FT, United Kingdom
Phone: +44-20-7426-4000
Fax: +44-20-7426-4044
Web site: http://www.closebrothers.co.uk
LEGAL ADVISOR TO AD HOC GROUP OF SENIOR NOTEHOLDERS:
BINGHAM MCCUTCHEN LLP
150 Federal St.
Boston, MA 02110
Phone: 617-951-8000
Fax: 617-951-8736
Toll Free: 866-246-4426
Web site: http://www.bingham.com
FINANCIAL ADVISOR TO AD HOC GROUP OF SENIOR NOTEHOLDERS ON RESTRUCTURING:
HOULIHAN LOKEY HOWARD & ZUKIN (EUROPE) LIMITED
London, England
83 Pall Mall
London, SW1Y 5ES, England
Phone: +44 (0)20.7839.3355
Fax: +44 (0)20.7839.5566
Web site: http://www.hlhz.com
LEGAL ADVISOR TO AD HOC GROUP OF SENIOR NOTEHOLDERS ON RESTRUCTURING
CADWALADER, WICKERSHAM & TAFT LLP
1 World Financial Center
New York, NY 10281
Phone: 212-504-6000
Fax: 212-504-6666
Web site: http://www.cadwalader.com
SETTERWALLS ADVOKATBYRA AB
Arsenalsgatan 6, 111 47 Stockholm
Web site: http://www.setterwalls.se/
Phone: +46-8-598 890 00
Fax: +46-8-598 890 90
E-mail: stockholm@setterwalls.se
Contact:
Hakan Fohlin, Managing Partner