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IUF - an international trade union federation representing workers in

IUF - an international trade union federation representing workers in agriculture and plantations food and beverages hotels, restaurants and catering services all stages of tobacco processing. - 373 affiliated trade unions - 122 countries - representing 12 million workers.

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IUF - an international trade union federation representing workers in

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  1. IUF - an international trade union federation representing workers in • agriculture and plantations • food and beverages • hotels, restaurants and catering services • all stages of tobacco processing - 373 affiliated trade unions - 122 countries - representing 12 million workers International Union of Food, Agricultural, Hotel, Restaurant, Catering, Tobacco and Allied Workers’ Associations (IUF)

  2. “Diversifying” Risk: New Financial Instruments • Global derivatives: US$ 480 trillion (8 x global GDP) • Credit Default Swaps: US$ 45 trillion on US$ 5.7 trillion of corporate bonds/30% on indexes representing baskets of debt • Outstanding LBO debt: ?

  3. “Leveraged buyouts caused sales of high-risk, high-yield debt torise 70 percent to a record $1 trillion during the first half of 2007”-Bloomberg, July 27, 2007

  4. Going Private: TDC • 2005 - taken over by Permira, Apax, Blackstone, KKR, Providence Equity • 80% debt financed • debt to assets ratio from 18% to over 90% • equivalent of half the company's assets immediately distributed in shares to new owners • TDC no longer a leader in wireless technology

  5. Going Private: Findus Group • Purchased by EQT in 2000 • 14 plants, 3,400 employees • 2006 - 6 plants, 2900 employees • research staff reduced from 200 to 40! • sold to CapVest in 2006 (secondary buyout)

  6. Going Private: Cognis • 2000 after-tax profit €109 million • Bought by Permira in 2001 for €2.5 billion - €450 million in equity • 2001-2006 Permira & Goldman Sachs take out €850 million in dividend recapitalizations • 2006 - after-tax loss of €136 million • 2007 - debt refinanced for €1.65 billion with new loans and notes

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