Please refer to our unchanged analysis here.

Takko’s new leadership team consisting of new CEO Karl-Heinz Holland and new interims CFO Ernst de Kuiper strongly suggests that

Wolfgang Felix26 January 2021TAKKO, MATALAN

KME – new numbers, same thesis.

Please find our updated Q3 20 analysis on KME here.

The recent extension of the EUR300m KME factoring facilities and the EUR150m KME Mansfeld receivables facilities to Feb 23 from Feb 21 provides further comfort on the

Juliano Torii25 January 2021KME

Rallye - At the money option

Somewhat sooner than we had anticipated Naouri has begun bidding for the unsecured creditors of Rallye SA at steep discounts.

While leverage increases ahead of the

Tomás Mannion22 January 2021CASINO, RALLYE

Intralot - Prisoner's Dilemma?

All,

Please refer to our unchanged analysis here.

The Intralot announcement appears to be slightly misleading as regards the nature of the 24s exchange. Following a few more conversations

Wolfgang Felix21 January 2021INTRALOT

OHL - Debt restructuring agreement reached

Please refer to our unchanged analysis here.

The format of the OHL restructuring is generally in line with what we previously envisaged, including a debt haircut and a capital increase. As we have previously stated,

Juliano Torii21 January 2021OHL

Douglas - Great P&L, but what now

Please refer to our unchanged analysis here.
It’s, of course, fantastic to see one of your biggest positions pop like that, but what should we really expect next week?

Wolfgang Felix21 January 2021DOUGLAS

Rekeep (Manutencoop) – new bond issue and new position

Please refer to our unchanged analysis here.

The new bond issue confirms our positive view on Rekeep. In the current market context,

Juliano Torii18 January 2021REKEEP

Intralot - Thoughts

Please refer to our unchanged analysis here.

While we are waiting for feedback from the 24s camp, here are some first thoughts:

Wolfgang Felix14 January 2021INTRALOT

Tullow Oil - Initiation

Please find our initiation piece on Tullow Oil here.

Recent strength in the Oil price and the expected announcement in the next couple of weeks on the redetermination Facility it is timely to revisit Tullow Oil. We think the

Tomás Mannion13 January 2021TULLOW

Vallourec - on value and recent strength on iron ore

We have updated our model on Vallourec here.

We continue to monitor the situation and have been surprised by the recent strength in Vallourec bonds. Yes, we have seen

Tomás Mannion12 January 2021VALLOUREC

CGG – FY2020 preliminary figures do not change our thesis

Please refer to our unchanged analysis here.

CGG released a set of preliminary figures and statements for Q4 20 and FY2020, with little detail. The headlines numbers on their own are

Juliano Torii12 January 2021CGG

Naviera Armas - Thoughts on recap and positioning

Please refer to our unchanged analysis here.

While the information out is scant, we find the outline of the deal very much

Wolfgang Felix11 January 2021NAVIERA

Europcar - two weeks notice

Calling the Europcar EGM with only 2 weeks notice should help with voting as shareholders must agree with “only” 2/3 of votes represented. Given the

Wolfgang Felix5 January 2021EUROPCAR

AA - Potential roadblock to deal removed

Please find our unchanged analysis here.
Albert Bridge Capital have transferred the shares they controlled up to their fund investors, namely the University of Texas and Boeing Employee Scheme. Given the break-up of

Tomás Mannion5 January 2021AA

Naviera Armas - Entry Point?

Please refer to our unchanged analysis here.

As anticipated, the company has reached an agreement with its 72% ad-hoc group of bondholders for a bridge facility and equitisation terms that will allow

Wolfgang Felix5 January 2021NAVIERA

Free Speech

Interesting statistic on Free Speech below - clearly excluding a good number of countries. Still, the "numbers speak volumes”.

Purple are the number of

Wolfgang Felix5 January 2021GENERAL

Intrum - diversification pays off

Please refer to our updated analysis here.

Intrum's Financial Well-Being Barometer (below) suggests that the Baltics, the Czech R., Ireland and Belgium have seen consumers prosper during the pandemic, while

Wolfgang Felix4 January 2021INTRUM

AA timeframe - Scheme Court meeting 14th January

Please find our analysis here.

With the Scheme Meeting scheduled for next week (14th January) all eyes are currently focused on two of the three main shareholders

Tomás Mannion4 January 2021AA

Matalan - HQ sold as guaranteed

Please refer to our unchanged analysis here.

As discussed all along, the natural buyer of the HQ was always going to be John Hargreaves as this should relieve him from the guarantee to make a

Wolfgang Felix21 December 2020MATALAN