Naturally, there were few news out today given the only recently reported Q4 figures and other news flow surrounding the restructuring.
Matalan are progressing in
Read MoreAlthough significant time and effort is placed on short term assumptions surrounding rent collections and vacancies over the coming 6-12 months, it is important to realise that the
Read MorePlease refer to our significantly updated analysis of Steinhoff here.
Apart from a rather illiquid arbitrage opportunity involving Steinhoff NV shares, we most prefer the position we already hold -
Read MoreWe estimate that Q2 20 should see another quarter of strong margins for CMA CGM. Our monitor of the SCFI (Shanghai Containerized Freight Index) vs LSFO Bunker differential shows a significant
Read MoreThe Company has secured its near term future and will have c. €100m cash balances at Dec-20, but with the reversal of working capital and resumption of
Read MoreClearly the market has traded up significantly, and there is a good risk that buying some of the names that have recently traded up from deep distressed levels leaves us
Read MoreCGG started its post restructuring phase in 2018 with significant cash serves, and has since surprised on the upside in terms of
Read MoreWe remain on the sidelines of AlmaViva as the recent rally to 90% leaves the bonds not attractive enough to compensate for the potential
Read MoreDespite the press reports coming out of Spain, we feel strongly that the bondholders allegedly involved in the super senior financing discussions will
Read MoreThe agreement of the SSNs to what is essentially their own plan was only to be expected. The more interesting news yesterday lies in the detail of
Read MoreAfter plenty of digging it's time to act. Atalian retains a long list of challenges to overcome, while many aspects of the credit remain of serious concern to us.
Read MoreIs Coronavirus just what the doctor ordered?
The company is due to report on Q1 while it has so far not reached out to bondholders. The extra liquidity buys management time to concentrate on the business and
Read MoreThe call was quite positive, but was long and most analysts (this one certainly) was close to taking a nap when management finally made a few comments on current trading. There were some important statements:
Read MoreIceland’s guidance for less than 4.5x leverage at end of Q1, post transaction, is based on Covid-19 related expenditure treated as exceptionals plus one quarter of the (12 month) rates holiday. The Company has guided that the Covid-19 expenditure should
Read MoreFurther to our earlier note on Europcar, VW’s exposure may be for only 50% of the fleet. However, we disagree with certain analyst estimates that Europcar is
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