United Internet (UI) potentially suing Morgan Stanley (MS) over its valuation of Tele Columbus (TC) should not distract management as they will still get the
Read MoreIn line with the sunny weather, the company decided to tap the strong primary market and launch a €400 million senior secured notes
Read MoreVivion is trying to raise secured debt to repay the €170m outstanding 2024 notes. Senior secured bank debt is more attractive to Vivion than selling
Read MoreAll the pieces appear to be falling into place for a definitive financial restructuring by July this year. Atos today received a non-binding offer from the
Read MoreTesco continue their market share gain, adding a further 52bps of market share as Tesco continue to see customers switch from M&S and Waitrose. More importantly,
Read MoreThe Swedish landlord published an exchange offer to all bond and perp holders to exchange their securities for bonds issued by its new housing subsidiary
Read MoreTo move the restructuring forward, Atos released a statement this morning, seeking bondholders and banks who wish to participate in the new money and equity
Read MoreClariane launched their planned rights issue today as part of their Refinancing Plan. This is the second part of the equity raise required, as announced on
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We have a winner, but is it the best deal? It doesn’t matter, as it was the only deal likely to succeed. Tellingly, the market update from the Company doesn’t state that
Read MoreThe exit of Zuber Issa from ASDA was announced on Friday but had been expected for some time. The price paid by TDR for the stake is not
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In light of the headlines on Klockner Pentaplast (another SVP portfolio company) and our view that SVP will act constructively to creditors on that process,
Read MoreKrentinsky's final and best offer from last week has apparently improved. According to BFM Business, the improved offer is for creditors to receive c.20% of the
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We are reviewing our model on the name post the conference call held yesterday. Our fundamental view remains the same but see talks of an early refinance as
Read MoreKlockner Pentaplast (Saahil): Going back to the future, it seems that the €300 million senior notes are seeing a new buyer or set of buyers with the notes up
Read MoreThe redemption notice for the April 2025 SSNs kicks off the restructuring of Ardagh Group’s (AG) cap stack. The Apollo loan will fund this first step. The next step is
Read MoreMoody’s downgraded Altice International yesterday to Caa1, from B3 on the Secured and Caa3 from Caa2 for the unsecured bonds, with outlook on all entities changing to
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