Ilija Batljan’s trip to London to speak with investors underlines that SBB is not entirely in control of the process. That a sale of the whole business is now being considered shows that the lenders are at least nudging the process. The sale
Read MoreOcado needed a new Chief Commercial Officer (CCO), and the company has now appointed one. Amit Chitnis is currently UK Grocery Director for T
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Standard Profil reported their Q1 numbers but they are largely impacted by the previously reported additional €15m of additional compensation received in
Read MoreThe company has reported very strong results that have beat our expectations. With record sales (up 17%) the underlying EBITDA of €132m is up YoY as the
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We have long held that the last refinancing was both, the right thing to do at the time and a deal to exit from asap thereafter. The company yesterday
Read MoreFootfall is steadily returning to pre-covid levels, with monthly footfall in April at c.98% of April 2019 with YTD at 92%. Note the Company is now only
Read MoreIntrum are executing their strategic repositioning faster than anticipated. This morning the company announced the acquisition of CapQuest and Mars - further
Read MoreAdler must be the only company we can recollect that hires its CRO after the restructuring. Anyhow, Hubertus Kobe comes out of the Berlin
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The purchase of EG’s UK and Ireland assets, by Asda overshadowed a strong trading quarter. The EG deal has been hanging over bond yields at Asda for
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The first quarter numbers are weak. German residential real estate transactions fell to 2011 levels in Q1. Accentro needs to keep making sales, but
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United’s 23Q1 numbers were slightly below our forecasts but demonstrated that inflationary rises are successfully being passed to customers via higher
Read MoreThe restructuring plan was accepted by all classes except the SIHL equity. The plan is therefore set to be accepted. This morning Pepkor have
Read MoreWith the dividend from SBB cancelled, IB Invest has now postponed the coupon on its Hybrid. IB Invest is Batjlin’s personal vehicle. The hybrid
Read MoreA new corporate finance and IR head with a wealth of relevant experience (in the Real Estate business) will help strengthen the
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We have been working with Kirkland and Ellis on the options available to all stakeholders in the forthcoming Conciliation and Sauvegarde of Casino.
Read MorePlease find our unchanged analysis here.
Just an update to our email earlier this week, on the confirmation that Casino has entered into Conciliation Process. Separately, Casino and Intermarché have agreed to the sale of several stores, which will initially result in a cash injection into Casino of
Read MoreThe strategic review launched by SBB's board yesterday could lead to a sale, which would be positive for the long end of the debt stack. The review
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