As always with Casino, a lot to digest with their results released this morning. Firstly, they would NOT have breached their covenants in September even if they
Read MorePlease find our unchanged analysis here.
Finally, the Company has spoken after the bonds and shares were suspended by the AMF earlier in the week. Very little detailed information has been released, but management have acknowledged that they are likely to pursue a debt-for-equity swap in order to
Read MoreThe company today announced receipt of consents by the requisite super-majority of SSN holders and, accordingly, the extension of the bonds by
Read MoreThe AMF (French regulator) has suspended Orpea’s shares after last week’s (unjustified) 40% rise in the share price. The AMF are seeking a statement from
Read MoreThe recent recall of cooked poultry in France does not impact Boparan, risk would come from volume falls if the issue in France is much more widespread than thought. Possible but
Read MoreThe growing friction between the United Group and the Serbian authorities is an irritant but is not a threat to the group. United is removing
Read MoreCEO Tina Müller is moving up onto the supervisory board and is being replaced by Sander van der Laan. After 5 years at the helm, the move is
Read Morehe proposed acquisition of Alberstons by Kroger is positive news for Ocado, but additional orders will emerge only in the long term and the debt-financed nature of the deal does increase the risk of financial pressure on
Read MoreCnova’s Q3 sales numbers don’t provide any comfort to Casino as the business continues to deteriorate. Headline numbers are down c.
Read MorePortugal’s Minister of Infrastructure, Pedro Nuno Santos, has stated that in order to remain viable in the long-term, TAP needs to be combined with a large aviation group and
Read MoreThe sale of Green Yellow has completed this morning, with Casino receiving €220m of additional proceeds. Casino had already received €350m in pre-financing from
Read MoreWill two swallows a spring make? Car Registrations in EU/EFTA/UK are up for the second month in a row. Overall YTD volumes are still at -
Read MoreThe partnership with Uber is high-profile for Iceland and provides incremental revenue to existing stores. The venture is unquestionably positive for Iceland, which is
Read MoreWe understand the 2nd Lien holders have put in a bid for the company. The offer allegedly rests on the £200m staple finance offered by the 1st Lien holders, includes cash
Read MorePlease find our updated analysis of Takko here.
We've been here before. In 2004, following the German Labour Market Reform, sales dropped, trade insurers walked out and the LCs had to be arranged with haste. Shortly after a precarious refinancing led by Simon Mansfield's ESSG of GS and involving
Read MoreS&P have downgraded Frigoglass to CC, Outlook Negative in anticipation of the
Read MoreAhead of Monday, we are expecting no further news on the current process until mid-December. However, in line with recent publications, we expect
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