Victoria’s AGM update is modestly positive for the bonds, with management reporting an encouraging start to FY27 and continued progress on
Read More
Victoria fell short of our expectations in H226 (to March). Revenue came in just shy of target and offset by gross margins, but
Read MoreWith more than 90% of the 2028 Senior Secured Notes consenting, Victoria will now implement the refinancing via a consent
Read MoreVictoria confirmed that holders representing more than 75% of the €166.6m 2028 Senior Secured Notes have signed the Transaction
Read MoreVictoria has again kicked the can down the road, extending maturities without fully addressing its outstanding liabilities. While management highlights a
Read MoreVictoria PLC has confirmed the retirement of Group CEO Philippe Harmes, as flagged in October, and will not replace the role, instead empowering
Read MoreVictoria PLC completed a sale and leaseback of its Belgian distribution centre for c.€34m, crystallising an uplift versus the
Read MoreThis morning’s profit warning from Victoria PLC reinforces that this is still fundamentally a volume-driven issue. While management continues to
Read More
Victoria released its H1 results this morning, which were in line with the guidance issued in early November. Revenue, and volumes in particular, remain weak; however,
Read MoreAhead of publishing its half-year results for the period ending September 2025, Victoria has released a trading statement reaffirming its
Read MoreThe 2028 bondholders have rejected the exchange offer from Victoria Plc, choosing not to accept the distressed offer to uptier the balance. Admittedly, we had
Read MorePhilippe Hamers, Group CEO of Victoria Plc, has announced his intention to retire in the middle of next year. The timing makes some sense,
Read MoreThe final blow to the 2028 Noteholders has been delivered via this morning's exchange offer. These holders were already significantly disadvantaged by
Read MoreVictoria is holding its AGM today and has therefore released an AGM statement to the market. However, the Company have provided very little
Read MoreDeal is done, and the proverbial can is kicked down the road. We maintain that this deal only offers a short-term improvement in liquidity and
Read More(Wolfgang on behalf of Tomas) The company disclosed that over 97% of holders of the 2026 notes are supporting the amendments. Since these
Read MoreVictoria Plc has confirmed that 78% of the 2026 Noteholders voted in favour of the recent consent solicitation to elevate the ranking of the
Read MoreVictoria Plc has launched a consent solicitation to amend and extend its 2026 Notes. With approximately 90% of these bondholders already party to
Read MoreThe balance sheet restructuring of Victoria Plc is painfully slow, but another milestone was completed today. The RCF, which had traded away from
Read More