BRANICKS — SARRIA - Credit Opportunities

Sentry Page Protection

Posts tagged BRANICKS

Branicks - Never mind the NAV - Model Update

Branicks - Never mind the NAV - Model Update

Please find our updated analysis of Branicks here.

Loved it when it was higher, but not keen 15 points lower. That does not sound very steady, but to be fair to ourselves: back then it was a fundamental bet on asset value; now it is a technical bet on posture in a second restructuring. The agreed split of the SSNs creates a subordinate PIK instrument that is very much calibrated on a timely turnaround and would not be able to defend itself if x-holders changed their minds. Meanwhile, the balance sheet looks fully levered through the New SSNs, and resembles deals agreed in other REITS that only ever aimed for a tax- and liability-efficient solvent liquidation. So never mind the NAV, we are not as enthusiastic as we were with the old structure.

Wolfgang Felix19 August 2026BRANICKS, DIC ASSET

Branicks - comment

Step 1 is done. The first SchVG vote cleared with the required 75% qualified majority; the quorum was met with significantly more than

Wolfgang Felix18 August 2026BRANICKS

Branicks - comment

Success, almost. Branicks are busy today: Three things need to go right today: 100% SSD/NSV accession by close of business, Schultheis onto the

Wolfgang Felix31 July 2026BRANICKS, DIC ASSET

Branicks - comment

No signal. As negotiations are ongoing, Branicks has informed it has delayed its publication of the audited 2025 report to the

Wolfgang Felix22 July 2026BRANICKS

Branicks - comment

The company reported the extension of its standstill with the promissory notes to July 27th, as negotiations continue. The A&E will have to

Wolfgang Felix2 July 2026BRANICKS

Branicks - comment

The bonds will be lower on a potential snag in putting together a restructuring agreement. However, the lenders are as incentivised as

Aengus McMahon22 June 2026BRANICKS

Branicks - comment

The appointment of Sodali (reported on Debtwire) is positive for the bonds. Management needs a comprehensive solution and

Aengus McMahon18 May 2026BRANICKS

Branicks - comment

The possibility of a partial debt-equity swap by Branicks (as reported in Debtwire) doesn’t change our fair value estimate but will

Aengus McMahon12 May 2026BRANICKS

Branicks - comment

The cancellation of the results announcement will weigh on the bonds, but doesn’t alter the fair value calculations. The central thesis remains that a

Aengus McMahon29 April 2026BRANICKS

Branicks - comment

An agreement with the EUR87m Promissory note holders was the only logical choice, but the SUNs could rise by a few points in relief. Our core thesis has

Aengus McMahon1 April 2026BRANICKS, DIC ASSET

Branicks - comment

The Promissory Noteholders are clearly playing hardball, but would be significantly impaired if they triggered an uncontrolled liquidation of

Aengus McMahon10 March 2026BRANICKS, DIC ASSET

Branicks - comment

Getting the Domination Agreement approved paves the way for the Amend and Extend operation for the 2026 SUNs. The full-year results will

Aengus McMahon16 February 2026BRANICKS

Branicks - Chips - Positioning

Branicks - Chips - Positioning

Please find our updated analysis here.

Branick’s SUNs will suffer some volatility over the next quarter as the company puts together an Amend and Extend package for the SUNs. Our core thesis is

Aengus McMahon9 February 2026BRANICKS, DIC ASSET

Branicks - comment

The Amend and Extend operation for the Sep 2026 SUNs will start immediately after the Branicks/VIB control and profit agreement is

Aengus McMahon7 January 2026BRANICKS

Branicks - comment

The key dates for the control and profit agreement are the AGMs of VIB (12 February) and Branicks (13 February), but

Aengus McMahon5 January 2026BRANICKS

Branicks - comment

We had already highlighted that Branicks would need a very strong Q4, with €250m of sales needed to reach €500m for the year. Branicks delivered a

Aengus McMahon30 December 2025BRANICKS

Branicks - comment

Branicks - comment

The company has reiterated its FY guidance of €500m - €600m of asset sales from the commercial portfolio. This would require

Aengus McMahon6 November 2025BRANICKS

Branicks - comment

Securing a control and profit agreement with VIB would make an A&E of the Branicks, Sep 2026 SUNs, an easier sell to creditors. Consolidated LTV would

Aengus McMahon31 October 2025BRANICKS

Branicks - comment

Branicks - comment

The Q2 numbers were broadly in line with our forecast. Regarding disposals, full-year guidance from the Commercial portfolio was maintained at

Aengus McMahon27 August 2025BRANICKS

Branicks - comment

The AGM approved the issuance of €480m of convertible bonds; there are no plans yet to issue these bonds, but it is conceivable that part

Aengus McMahon8 August 2025BRANICKS