Tele Columbus - Reality - Model Update

Heading into this restructuring, we have reasoned through various scenarios and settled for our favourite. However, our decision is not actually based on a specific scenario after all. Instead, it has to do with how the restructuring will likely be organised, what debt haircuts will be required and how the equity will be distributed. In the process, we have updated our DCF and underlying forecast Model to pinpoint how much fresh cash is needed, who is likely to provide it, and when it needs to arrive.