The ad-hoc group holding close to 75% have signed a cooperation agreement and advisors Moelis are out asking holders to contact them to
Read MoreOHLA confirmed that its Senior Secured PIK Notes holders have agreed to give a 15-day waiver for the coupon payment. This is part of the wide
Read MoreWe see the request from Thames Water to release £380 million of cash reserves as an opportunity for creditors (especially public market creditors) to get
Read MoreThe government is pondering legislation called the Water (Special Measures) Bill where the potential cost of a bailout (£10 billion) is going to
Read MoreThe news yesterday that Intrum have the support now of 72% of noteholders documents the intensity of the fight over the last required votes to bring the
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Strong results and increased guidance from Ocado Retail are a mild boost for Ocado Group, and the relationship with M&S has
Read MoreStandard Profil has been without a CFO since June when Otto Tomaschek resigned. The original replacement, Gunter Hiller, could not leave
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Results this morning were largely in line with projections, except that sales volumes were apparently lower on higher-priced product. The company needs to
Read MoreArdagh has four production facilities in the UK, and the incoming (in 2025) recycling rules in the UK will hurt the competitiveness of glass unless
Read MoreCPI should be pleased with the pricing of its deal to yield 6.875%; we had expected >7%. Our point from yesterday stands with debt of
Read MoreIt seems like the rating agencies are only catching up. Moody’s downgraded the corporate family rating to Caa1 from B3, the ratings on the senior
Read MoreMohsin Issa stepping down as CEO of ASDA was inevitable, with EG Group needing his attention. Stuart Rose (already the chair) will take over executive
Read MoreThe €600m of new debt to finance the tender offer for the 2.75% 2026 and 1.625% 2027 bonds (€1.24bn outstanding) will cost around 550bp more
Read MoreA positive rating watch from Fitch is a small improvement forBoparan and reflects the preparations for the new issue, which we expect in
Read MoreFinally, OHLA has received binding offers from the various interested parties. As usual with OHLA, there are still plenty of
Read MoreThere is continued speculation in the Spanish press concerning the potential take-private of Grifols by Brookfield and the Grifols family. The most
Read MoreAs the company & its advisers Rothschild continue to engage with potential investors on a £3.3 billion rights issue in parallel to a creditor-led restructuring solution, it appears
Read MoreOver 50% of the EUR TLB lenders have signed a cooperation agreement along with the majority of the USD TLB lenders. As a reminder, this is considered a
Read MoreA further sale of VMED’s stake in the towers business has been on the cards, and the additional £150m - £160m will reduce the debt portion of
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Stonegate reported benign figures on Friday. Our concerns that, following the restructuring, management would have some unexpected
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