SBB Norden - comment

The changes at SBB reflect its reality; it is now a holding company with interests in three Scandinavian real estate businesses. Currently, the valuations of the equity stakes do not cover the Holding Company's debt at the SBB level. Whether it does in time will depend on the real estate markets and the skill of the subsidiary management, rather than SBB.

https://corporate.sbbnorden.se/en/sbb-implements-organizational-changes-and-announces-changes-in-the-management-team/