So the restructuring went largely to plan. The FY25 accounts were the last to be prepared with the pre-petition capital structure in place. The reporting entity
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The annual accounts published this morning should have some additional information for us, even if the extensive sections on the
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Disappointing operating results should translate into prices, but the exit facility is unlikely to move on the first print. Compared to our projections,
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The company has held up well enough last year. Q4 financials released in a presentation on Tuesday are right on target, even as we have had to guess our
Read MoreThe company announces its completion of the CH11 restructuring. The restructuring had overall resembled expectations of a
Read MoreThe US Bankruptcy Court of Southern Texas has
Read MoreHaving filed for their Prepack Ch11 yesterday, Klöckner Pentaplast disclosed the full suite of advisors, including
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To line up its CH11 prepack, the company has agreed on a restructuring plan involving a bigger write-off than we had modelled only in
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As per popular demand, we’ve made the Client Call presentations available as part of our new Client Call layout.
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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
Read MoreWe 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
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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
Read More€300m make sense mathematically. KP has debt capacity of approx. €1.4bn and €300m is roughly the difference if you
Read MoreThe A&E of the SUNs, now 2LNs, is done. The new €300m paper will mature in September 2029 and have a 2.5% PIK element added to
Read MoreThe company now has support from almost 97% of SUN holders for the A&E, and the transaction is expected to settle tomorrow. The new 2nd Lien notes will receive
Read MoreAs tariffs continue to influence market dynamics, we've taken a comprehensive look across our coverage to highlight the names most likely to be affected. For full transparency, we've also included those that remain unaffected—it's just as important to understand where the impact isn't being felt.
The idea here is
Read MoreS&P view the reasonably generous offer to the SUNs as a distressed exchange and have lowered their rating to CCC-. We do not foresee
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