That Aston Martin is starting to look for a new CEO is no surprise. When Amedeo Felisa stepped up from Non-Exec to CEO, we said he was not a
Read MoreWe are puzzled as to what Fir Tree’s strategy is in filing for an acceleration of its English Law EMTNs. If we assume that Fir Tree entered at 50c/€ and the bonds are
Read MoreCollections held up (did not deteriorate further - in contrast to Intrum) and the company underspent on new portfolios (even relative to our model), sweating its
Read More
This morning it's shoot first and ask questions later. We seemed to be the only ones disappointed with the company’s results. Collections have been coming down, churn has
Read More
Atos has appointed mandataire ad hoc to assist the Company’s discussions with its banks. We note that the discussion has only been with the banks and the
Read MoreThe arrival of Rami Baitieh as CEO has reduced the importance of David Lepley, and the timing of his departure is
Read MoreIf he wishes to exit, Zuber Issa could sell his stake to his brother Mohsin, who is more involved in the day-to-day management of ASDA. Also, the
Read More
Given Ocado’s previous success in various litigation with Autostore, the impact of AutoStore withdrawing its appeal is small. However, ending
Read MoreThe covenant relief from bridge lenders gives Branicks some breathing space to reschedule its 2024 Promissory Note obligations. Timing is tight as the suspension of covenants expires on 27th March 2024. The real estate market remains weak, so we
Read MoreThe potential IPO of a Norwegian associate company could provide up to SEK1.5bn in liquidity for SBB. A boost, but ultimately €132m in extra liquidity doesn’t
Read More
Selling the forecourt business is a positive for leverage at Morrisons, but as we said yesterday, the reduction is less than we expected. Also, the amount of cash Morrisons will receive is still uncertain. The £1.95bn in cash includes a £650m Preferred Equity piece
Read MoreSweden’s FSA announced this morning that they have widened the investigation concerning Heimstaden. Specifically, they will investigate whether
Read MoreMorrisons is getting less cash than we hoped from the sale of its UK forecourt business to MFG. However, the transaction will drop leverage by a turn
Read MoreWe haven’t paid too much attention to Kantar’s market share statistics as Iceland historically moves in a tight range from 2.2% to 2.4% market share. This month,
Read MoreBranicks is currently trying to extend a €200m bridge loan beyond June 24, and has asked holders of €225m of 2024 Promissory notes to lengthen their
Read More
Shares are up this morning and bonds are firm, but from our perspective the results were disappointing. Q4 Collections performance
Read More