Selecta - comment

According to the documentation, the 1Os should be paying a mix of PIK and Cash when above €600m. However, the situation on the ground apparently does not quite permit the cash component on the now € 650.4m bonds, and so the company is soliciting bondholder consent to accept payment in additional bonds instead. Consent should be forthcoming, on the one hand, considering the “Initial supporting holders” with over 67% and on the other, because without sacred rights, the bonds are sitting in a glass house for another 9 months. We are currently starved of information and opportunity in this name, and so are following it only from afar.