Klockner Pentaplast: Tick Tock on the Refinancing

Our analysis is focused on the causes of the company's continued underperformance and the levers available to management to keep EBITDA and free cash flow growing in a tough macro-environment.

We have also looked at the range of options now available to the company given the urgency in reaching a refinancing solution and whether that is reflected in the current trading levels of the debt stack. Based on these findings and our views of the latest financial results from the company, we have discussed this in our internal investment committee and taken a view on our position.