Lowell - comment

It’s going faster than we thought. As per our previous note, hiring Teneo was never going to be about a routine business forecast. We understand the company has retained Kirkland & Ellis and PJT (previously advisors to the bonds) with a view to negotiating an up-tier of the New Money notes and bonds. The question is whether Arini are leading all bondholders or only themselves and perhaps a few other large funds. We have not heard of broader engagement with bondholders, and the fear had recently been that the next restructuring would not be equitable.