Cerba - Bought time - Model Update - Positioning

Following the Q3 results, we have reassessed our positioning within the Cerba capital structure. Building on our extensive prior analysis, we have evaluated the impact of the additional liquidity on the range of options available to the Company. We also consider the implications for both senior and subordinated bondholders arising from the new shareholder cash injection, which ranks pari passu with the Senior Secured debt.

While the additional liquidity does not change our fundamental view of the credit, the evolving composition of the holder base has prompted us to reconsider our position.