Please find our answers to your questions raised during Tuesday’s Klöckner Pentaplast call on the website.

Please find a light update on Klöckner Pentaplast here.

Negotiations have hit an impasse as we hear that the so-called Pharma division is still not doing well. We read reports of €80m of overdue payables and

In line with our recent decision to sell our position, the packaging name is said to be struggling to convince suppliers to send their goods. Less than

We recently sold our position in the SSNs, whose deal has been elusive since January of this year. The bonds are due in February, less than

We have sold our 2% position in the KP SSNs yesterday for 91.25c/€. It is August, and our January thesis of a satisfactory refinancing of the

So we were wrong about the popularity of the deal for the SUNs. As of Friday, 87% of SUN holders had signed up to the somewhat coercive deal. We had expected a

Holding out on the Jr. deal looks attractive. The deal is very good, but given SVP have committed to playing nice, why would any pure SUN holder want to

SVP are playing nice. The deal is simple enough - and a lot simpler than we thought. Exchanging into 2L bonds is clearly coercive, but even a

Thank you for the participants yesterday on the Live Discussion. Please reach out to Wolfgang, wfelix@sarria.co.uk, if you have further questions .

Please find an updated analysis of Kloeckner Pentaplast here.

Sometimes your model surprises you. Perhaps that’s what modelling is for, but in the case of Kloeckner Pentaplast, our recap scenario certainly surprises us