Branicks - comment
The cancellation of the results announcement will weigh on the bonds, but doesn’t alter the fair value calculations. The central thesis remains that a consensual solution is the logical outcome. We have not yet seen any detailed proposals from creditors. The new deadline for publication of the results is 30 June, but progress on the A&E will need to be significant before then. The A&E will need to allow Branicks to avoid being seen as a forced seller, whilst ensuring that cash from sales is used to reduce debt. There is still a lot of bank debt, so we would not expect any scheduled bond redemptions.