With the senior debt locked up and the company having entered a mandat ad hoc procedure, the Q1 numbers are irrelevant. There were numerous

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Please find our updated analysis on Cerba here.

With a large advisory roster ready to accrue fees, negotiations on the Cerba restructuring are about to begin. The outcome was inevitable and should have

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Cerba HealthCare announced its intention to open two mandat ad hoc procedures at both the operating company and top holding

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Cerba investors remain at the starting line for an inevitable restructuring as the Company publishes Q4 and FY25 results that ignore the

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Lawyers and financial advisers are already sharpening their pencils ahead of a restructuring proposal at Cerba. Anyone familiar with our analysis will recognise that

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The long-awaited cooperation agreement at Cerba is now in place. It is reported that 66% of senior creditors have signed the agreement,

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Please find our updated analysis on Cerba post Q3 numbers here.

The equity sponsors are in the process of injecting an additional €100m of liquidity into the Company, pari passu with the

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The tone of the Cerba call continues to centre on self-help measures and cost savings as the Company attempts to grow into its

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The ratings downgrade at Cerba doesn’t change the situation. The company remains highly leveraged, with a capital structure that is

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Please find our updated model post Q2 results here.

Following the Q2 results, we are maintaining our short position in the Cerba Senior Secured Bond, even as our initial view had been to close out, given the lack of

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Initial reaction is that the numbers are better than we had expected, but regardless, the capital structure is unsustainable and needs restructuring. There are rumours

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Cerba and other medical laboratory groups experienced a decline in bond prices following a wider circulation of a report released by the

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It appears there may be IT issues, or perhaps the upcoming restructuring, which has affected Cerba’s investor relations site, resulting in the removal of all historical financial results. Fortunately,

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Banks and bondholders are coordinating efforts and conducted a beauty parade for financial advisers in July. While no formal confirmation has

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S&P downgraded Cerba bonds yesterday on unsustainable capital structure and strained liquidity. It is as if S&P have read ou

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Please find our updated model reflecting Q1 results here.

The release of Q1 numbers has not altered our fundamental view on Cerba. While the results were broadly uneventful, we were surprised by

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While the latest figures do not alter our overall view, we are reviewing them in greater detail. The bonds have

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