Branicks - comment

The company reported the extension of its standstill with the promissory notes to July 27th, as negotiations continue. The A&E will have to be agreed with only a partial auditor sign-off, as that itself is dependent on the A&E. We had expected an agreement before the end of June, but continue to hold the view that no party has an incentive to throw a spanner in the works, and an A&E to 2030 will benefit everyone. The assets are worth approx. 80c/€, but bonds require the A&E to capture that value.