Branicks - comment

The possibility of a partial debt-equity swap by Branicks (as reported in Debtwire) doesn’t change our fair value estimate but will weigh on the bonds in the short term. It is mid-May, and the company will need to work fast if it wants to meet its self-imposed deadline of 30th June. We expect Promissory Note holders to be willing to roll for another three months, given the low recovery implied by a non-consensual court process.