The rationale behind Michael Hintze’s fund taking 15.8% of Accentro isn’t immediately clear. The purchase is via Deltroit Directional Opportunities Master fund,
Read MoreThe restructuring is finally complete, after the abortive attempts to leave existing shareholders driving the bus. The next step will be
Read MoreThe SSN holders ended up with 86.6%, and five of those SSN holders now have 68% of the equity. Ownership of the SSNs was
Read MoreThe increase in Adler’s ownership is part of the Restructuring plan, so it was expected. Adler will not be able to outvote the
Read MoreFinally, the StaRUG is approved, and the proposed restructuring can be implemented. This is what should have happened
Read MoreHaving received creditor consent, we expect the Accentro restructuring to be completed by the end of September. Creditors will assume
Read MoreMoving to a General Standard will significantly reduce the disclosure requirements for Accentro. The company will continue to report
Read MoreThe bondholder agreement on interest deferral was always going to happen, and now it is up to Accentro to complete the restructuring by
Read MoreBondholders will support the amendment postponing payments due in June 2025 until September. Having supported the
Read MoreThe auditors will want clarity on the future before agreeing to the Going Concern wording. With progress on the restructuring,
Read MoreThe tweaked proposal tilts the table more towards the providers of new capital (the Super SSN and equity raise). With 68% of the SSN holders already locked in, the
Read MoreThe devaluation of the equity in the balance sheet should not derail the restructuring discussions underway with the bondholders. However, it is evidence of how
Read MoreBondholder approval to scrap the partial redemption was inevitable. Accentro doesn’t have the money right now, and the proposed
Read MoreAccentro was never going to be able to make the €65m bond redemption in December, hence the restructuring. This proposal will
Read MoreGetting the first €9.8m of the €35m in super senior secured funding from bondholders is one step closer to completing the
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The restructuring deal is one step closer after the Ad Hoc bondholder group agreed to buy the 2029 bond. Assuming the bond purchase is completed as
Read MoreFor weeks the Ad Hoc bondholder group has been pushing Accentro to agree to a credible plan to restructure its balance sheet, and that has now
Read MoreGetting a group of Bondholders to lend Accentro the money to pay coupons on their debt is a slight positive. The bondholder group would prefer a
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