Please find our updated analysis here.

HSE 24 has executed its restructuring quickly and well ahead of our schedule. In return, there has been no debt-equity swap, and Providence/ICG will

Aengus McMahon25 June 2025HSE24

HSE24 - comment

Q1 25 results were above our expectations in terms of revenue and margins and in line regarding working capital outflows, as suppliers shortened their

Aengus McMahon3 June 2025HSE24

HSE24 - Not hanging about - Positioning

Please find our unchanged analysis here.

The pace at which HSE 24 went from hoping for the best to agreeing a deal with its creditors has been a pleasant surprise. Pressure on

Aengus McMahon4 April 2025HSE24

HSE24 - comment

The restructuring proposal already has 78% support from bondholders, so a successful counterproposal is unlikely; the existing equity will

Buy Side, Sell SideAengus McMahon1 April 2025HSE24

HSE24 – Accelerate - Positioning

Please find our slightly amended analysis here.

According to press reports, HSE24 is now talking to its creditors. We do not think an A&E operation that doesn’t reduce debt at HSE 24 will fix the balance sheet. The sooner this

Buy SideAengus McMahon6 March 2025HSE24

HSE24 - comment

If the company has appointed advisors, this is positive for bondholders. The sooner the debt is restructured, the better. There is little point in the company waiting until

Aengus McMahon26 February 2025HSE24