The rationale behind Michael Hintze’s fund taking 15.8% of Accentro isn’t immediately clear. The purchase is via Deltroit Directional Opportunities Master fund,

The restructuring is finally complete, after the abortive attempts to leave existing shareholders driving the bus. The next step will be

The SSN holders ended up with 86.6%, and five of those SSN holders now have 68% of the equity. Ownership of the SSNs was

The increase in Adler’s ownership is part of the Restructuring plan, so it was expected. Adler will not be able to outvote the

Finally, the StaRUG is approved, and the proposed restructuring can be implemented. This is what should have happened

Please find our unchanged analysis here. 

We are finally seeing the restructuring that Accentro needed two years ago. The providers of the Super Senior New Money will not only be

Having received creditor consent, we expect the Accentro restructuring to be completed by the end of September. Creditors will assume

Moving to a General Standard will significantly reduce the disclosure requirements for Accentro. The company will continue to report

The bondholder agreement on interest deferral was always going to happen, and now it is up to Accentro to complete the restructuring by

The devaluation of the equity in the balance sheet should not derail the restructuring discussions underway with the bondholders. However, it is evidence of how

Bondholder approval to scrap the partial redemption was inevitable. Accentro doesn’t have the money right now, and the proposed

Accentro was never going to be able to make the €65m bond redemption in December, hence the restructuring. This proposal will