Intrum - Positioning

We are shorting the 2027 Euro bonds at 96.75, going into the strategic review that the company is to unveil at the end of the month. Looking across to Lowell, we see Intrum in a more robust position, but still at a risk of giving us a second round of restructuring of some sort. Last time the curve stayed steep, and the short-dated bonds got out, but we are not sure that this time would be the same (see Lowell’s LME). 

Intrum did not disclose the cash element in the transaction to sell the remaining 35% of its existing JVs to Cerberus (Brocc is a Cerberus affiliate). Creditors have to consent to use the proceeds to pay down the 2LNs. The consideration is said to be above book value and would reduce leverage by 0.2%, but the de facto structuring could yet be more complicated. We are surprised by the move. Was the JV structure in place only to manage Cerberus’ entry risk, or was it never needed in the first place? Why does Cerberus now tolerate a servicer with no skin in the game (common structure, actually)? Is there a change in servicing economics? Or, does Cerberus just want to bring its sheep to shelter before the next restructuring round?