A tour of Douglas stores yesterday produced strong (anecdotal) feedback. We did not manage to tour a great number of shops, but the four Douglas stores we have visited and spoken to
Read MoreHard to base analysis on the likelihood of further government support, but TUI bondholders have lucked out with an additional €1.2bn of liquidity, €1.05bn provided by means
Read MoreAway from acknowledging the existence of three potential bidders, the announcement last week emphasised the necessity of the AA Group to deleverage its
Read MoreA hefty proposal document putting ultimately a stop gap measure to improve liquidity at the SGS Finance vehicle. The Company have proposed
Read MoreRefinancing on the way - as guided, strong Company performance with healthy cashflow generation, we are expecting a refinancing in Q4. The bonds call protection
Read MoreOHL reported good Q2 20 results. It supports the trend of significantly better than expected results in the High Yield space, supported by temporary
Read MoreIn the last minute the Pizza Express' deal ultimately divides the company, but leaves Remain-Co at least with the 93 international sites (~50% franchised) outside of the 60 sites in Mainland China, which go to
Read MoreA smaller haircut, as suggested by the El Confidencial article, could be positive for the bondholders of the group. While the
Read MoreOur initial take on the news this morning is decidedly positive.
Offers under the UK code need to achieve 90%, which means
Read MoreNeither temporarily borrowing from the government via tax deferrals, nor crisis-related wage support schemes, represent permanent creation of Enterprise Value or EBITDA. The question remains how
Read MoreWe are surprised that Lowell - not a Covid-19 casualty - did not manage to reach an agreement on refinancing. Not because we think the debt is
Read MoreCGG’s Q2 20 results were severely impacted by the significant decline in oil prices and E&P capex budgets. It appears that E&P companies reacted
Read MoreLoxam released a preliminary trading update for Q2 20. The release generally confirms our view of the relative
Read MoreAs suspected, today’s announcement by Steinhoff has been primarily a win for the 21s/22s.
The decisive settlements at SIHPL are being struck around half way between
Read MoreBoparan postponing the refinancing sounds reasonable. The PF adjustments are still very large and in this market Boparan are going to
Read MoreToday we have initiated on INTU SGS following on from INTU Metrocentre here and INTU Trafford Centre here, previously.
Although 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