Recent speculation in the Spanish press plus the announcement of AGM in July points to the urgent need for a solution. However, having spoken to several advisers involved in different
Read MoreThere is continued speculation surrounding the refinancing options available to the AA plc for their 2022 maturities. We do not expect any announcement tomorrow (Friday) at their AGM. The Company has some
Read MoreBoparan’s Q3 EBITDA was a cool £10m stronger than our model (built in March). Contrary to our recent thesis, however, the company does not attribute that increase to Coronavirus. It’s probably
Read MoreIt sure feels surreal to be up for H1 while so much uncertainty is still ongoing.
Do let us know how you feel about H2.
Read MoreThe industry dynamics have changed significantly since 2009, following a wave of mergers and alliances. This allowed for more pricing discipline in the industry, allowing operators such as CMA CGM to have better than expected margins upon
Read MoreThe appointment of Michael Keppel as CRO is unsettling the market this morning. We regard it as good news.
Despite the scary
Read MoreThe Ramphastos and the Ad-Hoc group were not able to agree on terms, despite the gap between implicit valuations arguably not justifying the incremental headache that SSNs now have to deal with. Ramphastos are
Read MoreWith general consensus that Codere are likely to run out of cash by end of July / early August, the current delay in raising the c.€100m in fresh capital is of concern to current bondholders. The likelihood that
Read MoreIceland have announced that management of Iceland Group have bought out Brait’s equity stake in Iceland Group. Brait had 60% economic interest but management always had majority of voting shares.
This is not a great deal for
Read MoreOn Saturday, reported in the Times, Jaguar LandRover secured RMB 5bn (£560m equivalent) 3yr unsecured revolver for its Chinese subsidiary. For clarity this is not the
Read MoreHaving modelled the operation in apparently more detail than management believe they have disclosed, we have been increasingly constructive
Read MoreIt’s mixed news.
Of its sizeable cash stash, the company burnt a mere E18m in Q1 (coupon quarter) and so was actually FCF positive - mostly thanks to
Read MoreWe received a very short response to our enquiries about the new Suer Senior Term Loan arranged by Credit Suisse. The Company would not
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