ASDA’s price cuts were bound to draw a response from competitors. We don’t expect top-line stabilisation this year, and management has
Read More
Topline and Gross Profit/EBITDA were broadly in line with our estimates; operating cash flow was higher due to a better-than-expected payables performance in
Read MoreThe 1Ls are creating Selecta now at a mere 40% of what it was worth only a year ago. We are not suggesting that was the right valuation then
Read More
Overall, we rate this a win for the family. The reinstated bonds are to toggle between 8% cash and 12.5% PIK, and are receiving 2L status, but are running for
Read More"Not now" is the summary of yesterday’s shareholder presentation. SES revealed some incremental information on the proposed funding for the
Read MoreAlthough the cleansing documents from Altice France were not specifically mentioned, creditors and the market assume that the 50.1% XPFibre stake would be
Read MoreIt didn’t take long for the shareholders at OHLA to fall out. A potential €20m cash restriction would explain why the €50m convertible was still on the table after the
Read MoreSourcing some of its chicken from Germany is more about ASDA’s lower prices campaign than it is about supply chain challenges. It sends a warning shot to
Read MoreThe litigants have around 7% of the nominal value of the SUNs, which on their own is not enough to block the current proposals. Increasing the potential value of the
Read More
As previously commented Gibson Dunn has launched a cooperative agreement for senior creditors in Altice International. This became effective
Read More
The Q4/FY numbers were as weak as expected. Allan Leighton plans to return ASDA to its position as the cheapest of the Big 4. The price drops and additional
Read MoreThe return of excess funds to shareholders is now topic #1 on the AGM agenda for April. A US activist fund is pushing for the measure, which would
Read MoreAs part of Victoria’s announcement on a new CFO, the Company also commented on its refinancing proposals, stating the negotiated refinancing of
Read MoreAltice France has confirmed it has received over 90% creditor support across all tranches of its debt before the expiration deadline on
Read MoreCerba has lost its CEO, Emmanuel Ligner, who left immediately on March 14th. Mr Ligner was only appointed in March 2024, and this announcement, coupled with
Read More