Tele Columbus - comment

Tele Columbus is reporting "constructive dialogues between MSI MorganStanley and [its] lenders. The discussions are ongoing, and [management expects] results or completion early next year. Revenue was only a narrow miss, and even that was entirely structural, as the Magdeburg subsidiary disposal closed in Q2 removes its contribution from the reported perimeter. Cost savings came in again ahead of guidance, most of it sustainably coming from personnel reductions 9largely voluntary) and also from Magdeburg. CapEx came in €13m below forecast, and FCF was ultimately €32m ahead on the Magdeburg proceeds. So the company is in better shape than feared, but none of it changes the €100m funding gap, and all eyes are on what comes off the deal with shareholders.