Intrum - comment

As mentioned in previous comments, we expect at least one improvement of the offer to Noteholders before they sign up in sufficient numbers. Thus far

Wolfgang Felix30 July 2024INTRUM

Stonegate - comment

Stonegate is dealing with its maturity wall and undertaking the required Amend and Extend (A&E) operation. Hold-out bondholders will get repaid at par and

Wolfgang Felix30 July 2024STONEGATE

OHLA - comment

Investors will be relieved at a strong order book and improved construction margins, but the game is all about raising cash to meet the

Aengus McMahon30 July 2024OHLA

Ocado - comment

We do not see much incentive for the 2025 holders to tender much beneath par as Ocado is likely to call any stub rather than allow it to become

Aengus McMahon30 July 2024OCADO

Antolin - comment

Antolin’s Q2 2024 were held back by weaker-than-forecast vehicle sales, but cost control meant EBITDA (and margins) beat our expectations. We will be

Saahil Dey30 July 2024ANTOLIN

Atos - comment

(Aengus on Tomá’s behalf) The new CEO is a banker by trade, so his skill set is a fit for a company undergoing debt restructuring. We expect Mustier to

Tomás Mannion29 July 2024ATOS

CPI Property Group - comment

The proposed 10:1 stock split will not change anything for debt investors. The main

Aengus McMahon29 July 2024CPI

Ocado - comment

With the M&S JV performing better, it is unsurprising that Ocado says it is in no hurry to sell. We still expect disposal to be the end

Aengus McMahon29 July 2024OCADO

VMED02 - comment

VMED dropping any objections to the Vodafone/Three merger is no shock. The UK market is saturated, but a price war is unlikely as all

Aengus McMahon29 July 2024VMEDO2

Thames Water - comment

At long last, restructuring talks between select creditors and Thames Water are starting to gather pace. Blackrock, Elliott, Invesco, MetLlife and D.E Shaw have

Saahil Dey29 July 2024THAMES WATER

AMS Osram - Clearer road ahead.

Please find our updated model here.

AMS Osram reported their Q2 results, marginally better than their guidance at the time of their results in Q1. We had expected AMS Osram to

Tomás Mannion29 July 2024OSRAM

AMS Osram - comment

AMS Osram operationally continue to meet and slightly exceed their expectations, with Revenue in line and EBITDA above mid-point

Tomás Mannion26 July 2024AMS, OSRAM

KCA Deutag - comment

At long last, legacy creditor shareholders got some good news with US oil services strategic and peer, Helmerich & Payne yesterday

Tomás Mannion26 July 2024KCA Deutag

Ardagh Metal Packaging - comment

Revenue was in line with our forecast, but EBITDA was ahead due to mix and additional absorption of costs. European volumes were +5%, assisted by a

Aengus McMahon26 July 2024ARDAGH

Ardagh Glass - comment

On the 24Q2 results call, management did not comment on the state of discussions around Ardagh Group's debt restructuring. However, the

Aengus McMahon26 July 2024ARDAGH

VMED02 - comment

No significant change in Q2 at VMED. Guidance has been firmed slightly in revenue but EBITDA is still expected to fall

Aengus McMahon26 July 2024VMEDO2

Atos - comment

Atos announced yesterday (Wednesday) the opening of accelerated safeguard proceedings in the Commercial Court of Nanterre. At the

Tomás Mannion25 July 2024ATOS

Branicks - comment

Any future transactions between VIB and Branicks will already be under heavy scrutiny, so the cumulative impact of the latest Special Auditor request

Aengus McMahon25 July 2024BRANICKS, DIC ASSET

Thames Water - comment

In a highly anticipated move, the Class A notes were downgraded by Moody’s to Ba1 (one notch into sub-investment grade). The Class B notes were

Saahil Dey25 July 2024THAMES WATER

Iceland - comment

Iceland released their FY23/24 (to March 24) audited numbers this morning, with EBITDA at £171m in line with guidance given at the time of the

Tomás Mannion25 July 2024ICELAND