Klöckner Pentaplast - No Smoke, No Fire - Model Update

The restructuring transaction is close to what we had expected, except the distribution of the equity. Is it really so unattractive? From the recent disclosures in the Texas filings, we have reverse-engineered what must have happened over the past year and use that as a basis for our model to put an up-to-date perspective on the recapitalisation. The result is clear-cut.