Branicks - comment
Securing a control and profit agreement with VIB would make an A&E of the Branicks, Sep 2026 SUNs, an easier sell to creditors. Consolidated LTV would be below 60%, and the need to separate the liquidity impact of asset sales from VIB’s portfolio would be eliminated. Branicks only needs to get 6.25% more to force through the Control and Profit agreement with VIB, which would be around 20% of the free float. After the 69% controlled by Branicks, the next biggest shareholder has <1%. The transaction will be voted on by VIB and Branicks in February 2026. The annual payment and the exchange offer to Branick’s shares are not yet public.