Nordic operator group Telenor is one of many potential bidders for cash-strapped Greek carrier Wind Hellas, according to a Financial Times (FT) report. The article claims that other interested parties include Saban Capital, the US private equity firm mainly focused on the media sector, and two Greek companies. A group of Wind Hellas’ senior secured bondholders – which include Anchorage Advisors, Angelo Gordon, Eton Park, Mount Kellet and Taconic Capital – are also working on a proposal that could see them take over the mobile operator. Meanwhile the FT believes Weather Investments – Wind Hellas’ controlling shareholder – is among those parties that have submitted non-binding offers for the mobile operator.

Wind Hellas is Greece’s third-largest mobile operator and last month reported a second quarter revenue decline of 28 percent alongside a 52 percent drop in EBITDA. At the time of its results it said it was looking for a buyer and that elected parties had been invited to conduct due diligence and submit binding offers by 15 September, after which time it claimed one bidder would be chosen to “implement a restructuring or sale transaction.” The FT, citing “people familiar with the situation,” said Wind Hellas’ enterprise value was less than its EUR1.2 billion of senior secured bonds outstanding. The market is valuing the senior secured bonds at between 30 and 40 percent of face value. Wind Hellas also has EUR355 million of outstanding senior unsecured bonds and a EUR250 million revolving credit facility. Wind has been seriously affected by the Greek financial crisis, strong competition from rivals and local regulatory moves. Read our recent market analysis on the Greek mobile sector here.