The pre-AGM trading statement points to a strong first half, and, added to the disposal of the loss-making Acrylic Monomer business, the bonds

Please find our updated analysis here.

Despite the banks being given security ahead of the SUNs, relief at the loan extension to February 2029 and covenant relief has pushed the bonds to the mid-70s, so we are taking our short off. The speed and extent of

The refinance of the RCF and UKEF facilities will layer the SUNs. The US subsidiaries (25% EBITDA) have been made unrestricted and then

The SSN price may be marked lower than the 64.5% from yesterday, but as the S&P rating is still B, forced selling should

Today’s statement confirms what we have said since we took our position. At year’s end, Synthomer would have been close to its

Earlier this month, we commented on the appointment of FTI to advise the banks. Now, we are seeing that this will include an

Press reports that Lenders have appointed FTI as advisors is a logical next step, and we expect the noteholders to do the same. We are retaining our

We have heard press reports that the company is working with Rothschild on refinancing its debt (including a possible equity raise). We see this

We think the equity raise is being pushed on Synthomer by its banks. Synthomer required a receivables loan from its main shareholder to

We will not be closing our short yet. The Winter Statement put EBITDA below guidance (c£142m), but above our estimates (which excluded

Please find our new analysis here.

Synthomer continues to struggle to stabilise margins, let alone grow them. Its divisions are focused on Styrene and Butadiene, but create unrelated