Branicks - comment

No signal. As negotiations are ongoing, Branicks has informed it has delayed its publication of the audited 2025 report to the end of the year. This should give the company sufficient time to implement its A&E. As previously indicated, no party has an incentive to derail negotiations, and while dissenters may try to use this to claim default, it should have the backing of both the majority and posteriority. So it doesn't constitute any positive or negative signal for the bonds at this time.