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Carmen M. Reinhart: European banks will, most likely, require further assistance from their respective governments in the recapitalization process.
The company has secured a commitment of $125 million in new "debtor-in-possession" financing from the senior noteholders to help meet its obligations to customers, suppliers and employees in the ordinary course during the recapitalization process.
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At the end of September, the central bank's governor declared the process of recapitalization of Spanish banks completed, after the 4.75 billion-euro bailout of three more cajas that had failed to meet capital requirements set last February.
"The refusal of the Washington political class to address the issue of bank insolvency quickly via restructuring and recapitalization has extended the economic recovery process by years," he said.
Approval of the recapitalization plan completes a value-maximization process Engelhard's board authorized in January after determining BASF's unsolicited offer of $37 per share was inadequate and not in the best interests of Engelhard shareholders because it does not adequately recognize the company's current performance or future prospects.
If you think the recapitalization makes sense, then this destigmatization of the process is a good thing.
"The remaining issues for the euro area look to be outside their remit," he added, referring to the need for further recapitalization of banks, particularly in Germany, where the process seems to be lagging behind that of the United States.
"After concluding our process, the board has determined that the recapitalization plan represents the best value-creation alternative and is in the best interests of Engelhard shareholders," said Barry W. Perry, Engelhard's chairman and chief executive officer.
Dividend recapitalization, which is legal, is a shortcut through this process.
The effect of the intercrop on soil properties was investigated to better understand soil processes underlying maize yield response, soil nutrient recapitalization and soil carbon sequestration.
One option is a two-stage process under which banks would be required to move up their recapitalization proposals, perhaps within three months, and then complete them three months later.
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