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UPCOMING EVENTS
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- for speed listening, go to the settings wheel on the bottom right of the video and choose playback speed - after one minute video becomes high-resolution.

Intro, Legal and Cap Struct - 20 Mar 24

Description, Portfolio - 20 Mar 24

Liquidity, LVT, ICR - 20 Mar 24

Investment Discussion - 20 Mar 24

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Wolfgang Felix
Branicks - comments
Wolfgang Felix

Slight gaffe: Hitherto court-appointed turnaround managers Drs. Matthias Danne and Johannes Conradi failed to get their consulting

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Wolfgang Felix
Wolfgang Felix
Branicks - comment
Wolfgang Felix

News of the bond extension at Branicks concerns only the extension of the 2026 bond to year-end to give time for the implementation of the

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Wolfgang Felix
Branicks - comment
Wolfgang Felix
Branicks - comment
Wolfgang Felix

Branicks’ results are significantly lighter than modelled. The difference is mostly due to further asset sales since the last results. We are

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Wolfgang Felix
Wolfgang Felix
Branicks - comment
Wolfgang Felix

Stage 1.5 is underway at Branicks, with a deadline by Friday to sign up to the fresh cash. To recap, Step 1 bought time (done on 18 August). It saw the

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Wolfgang Felix
Branicks - Never mind the NAV - Model Update
Wolfgang Felix
Branicks - Never mind the NAV - Model Update
Wolfgang Felix

Please find our updated analysis of Branicks here.

Loved it when it was higher, but not keen 15 points lower. That does not sound very steady, but to be fair to ourselves: back then it was a fundamental bet on asset value; now it is a technical bet on posture in a second restructuring. The agreed split of the SSNs creates a subordinate PIK instrument that is very much calibrated on a timely turnaround and would not be able to defend itself if x-holders changed their minds. Meanwhile, the balance sheet looks fully levered through the New SSNs, and resembles deals agreed in other REITS that only ever aimed for a tax- and liability-efficient solvent liquidation. So never mind the NAV, we are not as enthusiastic as we were with the old structure.

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Wolfgang Felix