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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The tone of the Cerba call continues to centre on self-help measures and cost savings as the Company attempts to grow into its
Read MoreThe ratings downgrade at Cerba doesn’t change the situation. The company remains highly leveraged, with a capital structure that is
Read MoreOne of the sources of the turmoil in French politics is the 2026 Budget and the debt reduction plans used to narrow France’s deficit from its current
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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
Read MoreCerba and other medical laboratory groups experienced a decline in bond prices following a wider circulation of a report released by the
Read MoreIt 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,
Read MoreBanks and bondholders are coordinating efforts and conducted a beauty parade for financial advisers in July. While no formal confirmation has
Read MoreS&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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While the latest figures do not alter our overall view, we are reviewing them in greater detail. The bonds have
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The call currently is ongoing, but the initial view of the numbers is worse than we expected. Liquidity will remain tight going forward and we fully expect the
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Please find our unchanged analysis here.
A lot has happened since we took a short position in early February across Cerba’s capital structure. There were rumours, counter-rumours and eventually a statement from the Company stating that Cerba, like any other company, has regular discussions
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Cerba Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Cerba page.
Read MoreCerba has lost its CEO, Emmanuel Ligner, who left immediately on March 14th. Mr Ligner was only appointed in March 2024, and this announcement, coupled with
Read MoreWe are staying short. The Cerba/Houlihan Lokey story isn’t disappearing. An article in Bloomberg alleges that EQT is discussing a liability management
Read MoreUnconfirmed, but Cerba is rumoured to have appointed Houlihan Lokey to advise on its outstanding debt, which has applied further pressure to the trading level of
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