Post an agreement with the lenders on an A&E, non-core asset sales and favourable market conditions, the Spanish auto-parts supplier launched a
Read MoreThis morning’s announcement appears to be the continuation of Cerberus’ deal earlier in the year. On its own, that deal was a one-off
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Results were ahead of our expectations, and despite the slowdown in the CFC rollout, they are encouraging. Revenue at the M&S JV was higher than
Read MoreAtos has not disclosed the % of financial creditors who have signed the Lock-up Agreement, which implies the number is low, only stating a
Read MoreThe withdrawal of the Atitlan offer is a negative for the bonds. Having been invited to talk to the board Atitlan chose to let the offer lapse; this is likely
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If the Atitlan deal expires today, it is a negative for bondholders as it means the larger cash injection would be off the table (for now); we expect
Read MoreWe are going through the details of the LUA this morning. However, away from all the details we find most notable that the support for the restructuring is
Read MoreOHLA appointing Houlihan was necessary, but the bonds will initially trade slightly lower. The entry of an advisor to OHLA was unavoidable as an
Read MoreMore bad news for Thames Water creditors and shareholders as Ofwat has only approved a 21% increase in average household water bills for the next
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The SUNs have fallen five points since May, positive news for our short, but more reflective of the pressures to execute a restructuring than new
Read MoreThe two-month due diligence period demanded by Atitlan is a negative for OHLA creditors as it creates further uncertainty. The Amodio family is
Read MoreWith Mohsin Issa looking to recruit a CEO, the timing for the cull of senior management and their replacement. A new CEO will want to
Read MoreThe failed DIM purchase is another murky transaction from Accentro. BAFIN wants to reopen the accounts for 2021 and 2022 to investigate
Read MoreNothing substantial has changed; Atitlan has extended its offer to OHLA to the end of this week (12th July). We favour the more comprehensive solution
Read MorePlans for a new customer fulfilment centre CFC) for Aeon is positive news for Ocado and somewhat offsets the decision by Sobeys not to
Read MoreHaving left its Perps in place, Aroundtown’s Sr. financing now benefits from easier market access, allowing the company to continue rolling its
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