The retailer had a strong underlying quarter. Volumes were down but planned for, such that inventory is at -16% YoY. Average sales price was up 16% in return, yielding
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The company is bringing a new £300m 2040 bond, whispered at S+335. We have no details (XS2707822644), but it looks like a
Read MorePepco are holding their corporate marketing event today. The outline appears to be in line with our previous comments, in that store roll-out will be
Read MorePatrick Drahi told SFR employees that he is not worried about the debt. He outlined his rationale entering on few short-term maturities before 2027 and his
Read MoreThe company is finally initiating the appointment of an auditor for its holdco Adler Group SA. AVEGA Revision S.à.r.l. has sent a declaration of acceptance. Adler will be audited by a
Read MoreT1 creditors to the Fürst project under Lietzenburger Straße HoldCo have signed a standstill and lock-up agreement to restructure the company under UK law by
Read MoreMatalan has paid its coupon in cash. We generally regard this as a positive sign the company is
Read MoreMaximilien Pellegrini has left after only a few months, the Strategic Plan has not emerged, and now we have the sale of the US assets. Turning around the
Read MoreThe pub portfolio sale is in trouble; Stonegate may have to retain the equity in the portfolio, and the debt will be expensive. There are press reports of bids from Cerberus and Morgan Stanley for the
Read MoreElior continues to rely on its banks for liquidity as it tries to rebuild margins. Anything that pushes away pricing concerns is to be welcomed. The
Read MoreDouglas have announced they will be paying cash coupons on the PIK notes for the first time. Most market participants have been looking forward to this move, but it is somewhat
Read MoreAll too late. Casino finally get around to exiting another segment of their South American holdings, with Casino, and indirectly GPA, selling their stake in
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Exactly how the LfL calculations work in a given period is always hard to tell. The sales/store data does deviate somewhat from the LfL published this morning. Let’s say it’s flat. But the real cracker will
Read MoreThe devil could of course be in the detail behind today's statement. But, the additional €70m - €80m commitment signalled today points to shareholders believing that a deal with
Read MoreNever mind its balance sheet woes, we have always struggled with the underlying business and the H1 results underline that. Occupancy rates increasing in all geographical areas (except France where it was down to 83.4% from 84.6%) weren’t enough to absorb the
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We said before: if you can pay 97c, you can pay par. We suspect that of the €69.5m tendered amount, €63 came from ARE’s own holdings, representing a
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