Pfleiderer - comment

Pfleiderer requesting consent for extra cash of €80m and promising to return Silekol to the restricted group should further extend the runway for

Wolfgang Felix20 July 2026PFLEIDERER

Pfleiderer - comment

Conference calls without a Q&A session rarely make it easier for creditors, although it won’t change bond trading from

Wolfgang Felix22 June 2026PFLEIDERER

Pfleiderer - Never mind the 'spilt milk', comrades - Model Update

Please find our updated analysis here.

Ahead of next week’s great reveal (or so we hope), we are keen to get in shape to pick up what could be an interesting opportunity. Pfleiderer is as much

Wolfgang Felix8 May 2026PFLEIDERER

Pfleiderer - comment

Pfleiderer Q425 financials track our model well, and the proceeds from the new Silekol borrowings and SVP injection are

Wolfgang Felix1 May 2026PFLEIDERER

Adler, Pfleiderer - comment

We have become used to the company announcing asset sales without disclosing the price. That’s unfortunate. But in the wider context, the

Wolfgang Felix19 March 2026ADLER, PFLEIDERER

Pfleiderer - comment

No hockey stick. Details are scant this morning as the company published a one-page Q425 update and 2027 outlook on each of its two divisions,

Wolfgang Felix11 March 2026PFLEIDERER

Pfleiderer - comment

Selling Silekol for good value would have been difficult, since over a third of the value would have to come from a pro forma recognition of

Wolfgang Felix22 December 2025PFLEIDERER

Pfleiderer - comment

As per our September presentation, absolutely everything would have had to go to plan for Pfleiderer to escape yet another round of

Wolfgang Felix2 December 2025PFLEIDERER

Client Call Presentations – Now on Our Website

As per popular demand, we’ve made the Client Call presentations available as part of our new Client Call layout.

Martha Felix26 September 2025ATOS, HOUSE OF HR, KLOCKNER, MOBICO, PFLEIDERER

Pfleiderer - comment

Management revealed the successful asset financing of its recent investments in Stettin of approx. €9m, leaving some €16m undrawn under the

Wolfgang Felix17 September 2025PFLEIDERER

Pfleiderer - comment

Following our IM on Pfleiderer, we’ve been asked about the €50m priming basket that was agreed in June 2024. SVP or another party could probably use that to

Wolfgang Felix11 September 2025PFLEIDERER

Pfleiderer - Surfing the Sponsor

Please find our updated analysis on Pfleiderer here.

Pfleiderer is not the only 2024 deal that did not quite extend its capital structure as far as hoped. Others never got over the line or are already in “constructive" discussions for

Wolfgang Felix10 September 2025PFLEIDERER

Pfleiderer - comment

Management is not seeing demand deteriorating further, which is encouraging. As regards FY24 figures, revenue and EBITDA were only just

Buy Side, Sell SideWolfgang Felix15 May 2025PFLEIDERER

Pfleiderer - The nature of its arbitrage - Positioning

Please find our almost entirely new analysis of Pfleiderer here.

Along with KemOne, Pfleiderer lines up as one of those real estate derivative companies that are finding themselves cyclically unprofitable in

Wolfgang Felix16 April 2025PFLEIDERER

Pfleiderer - hanging in there - Positioning

Dear All,

Please find our updated analysis post the Q3 2024 results on Pfleiderer here.

We remain constructive on the Pfleiderer situation and the amended high yield bonds. Hence we intend to keep our current exposure in the

Saahil Dey4 December 2024PFLEIDERER

Pfleiderer - comment

The German wood panel manufacturer reported Q3 results which still reflected the downturn in the German construction industry with the only positive news that

Saahil Dey2 December 2024PFLEIDERER

Pfleiderer - The Dust Settles

Please find our updated analysis post the Q2 2024 results and A&E process on Pfleiderer here.

We remain constructive on the Pfleiderer situation and the amended high yield bonds. Hence we intend to keep our current exposure in the

Saahil Dey11 October 2024PFLEIDERER

Pfleiderer - comment

As the A&E transaction comes to a close with 99% of bondholders accepting the terms from the company and its main shareholder - Strategic Value Partners, both

Saahil Dey16 August 2024PFLEIDERER

Pfleiderer - comment

Today Pfleiderer announced that it has signed a supplemental indenture to extend its existing €750 million senior secured notes to

Saahil Dey13 August 2024PFLEIDERER

Pfleiderer - Our thoughts on the A&E

Please find our unchanged analysis here.

Having digested the A&E proposal from Pfleiderer and its shareholder - Strategic Value Partners, creditors are asked to extend SVP’s equity option for 3 years

Saahil Dey24 July 2024PFLEIDERER