Accentro - comment

The departure of Dr Nedim Cen indicates the initial restructuring is now complete, and the bonds should be marked marginally higher. Cen joined in 2025 when the restructuring was underway. His replacement, Mr Ghassemi-Moghadam, has a more traditional banking background, but also has experience in restructuring. The bondholders now control the business and will have been involved in the selection.