Isabel Marant - comment

It has been clear all along that bondholders have little practical alternative. While the coupon remains unchanged, accepting the proposed transaction offers incremental equity support of €20m alongside improved legal protections, making it the rational outcome. Bondholders should also note that the early-bird fee deadline falls on 9 March. This morning’s call has not changed our view. 

One notable aspect of the process is the absence of formal bondholder advisers. Sullivan & Cromwell is advising the company, while bondholders appear to have negotiated the amendment without dedicated legal or financial representation. This mirrors the recent Transcom amend-and-extend, where bondholders similarly proceeded without advisers.