Altice confirmed that 98% of creditors have supported the recent transaction which extended the maturities and partial writedown off outstanding debt. Pro-forma leverage now sits
Read More
The Sarria Rotation Discussion #3 is now available on the website members’ landing page.
Names under review: AMS Osram, ASDA, Emeria, Matalan, Morrisons, and VictoriaPlc.
Read MoreThe exit of Tullow from its Kenyan operations is confirmation that the equity story is dead. Tullow Oil have agreed heads of terms for 100% of its interests in Kenya for $120m, $40m of which is payable on completion and an additional $40m by June 2026 at
Read MoreThere is never a good time to lose senior management but with the industry in flux and a refinancing required for its Dec 2026 bonds, now is
Read MoreThe UK CMA is getting out of the way early as it hardly has a goat in the race. The competition watchdog is inviting comments on the SES/Intelsat merger by April 29th.
Read MoreThe Very Group announced yesterday that it will place £598m senior secured Notes with August 2027 maturity in early June, and proceeds to call the
Read MorePrada has agreed to buy Versace for $1.375bn or 1.3x LTM March 2024 LTM Revenue. Prada has at least benefitted from the tariff debacle, with
Read MoreA group of its main shareholders consisting of Invesco, Tresidor, Man Group and Napier Park is injecting an incremental £25m fungible with the existing
Read More
The Sarria Rotation Discussion #2 is now available on the website members’ landing page.
Names under review: Antolin, Adler Pelzer, Kem One, Rekeep and Viridien
Read More
Please find our unchanged analysis here.
A lot has happened since we took a short position in early February across Cerba’s capital structure. There were rumours, counter-rumours and eventually a statement from the Company stating that Cerba, like any other company, has regular discussions
Read More
The Sarria Rotation Discussion #1 is now available on the website members’ landing page.
Read More
Although the new Super Senior facility has given Kem One some liquidity, we maintain that without a recovery in the PVC market, liquidity will
Read MoreThe SSNs are turning the screw over the crumbs being offered to the current shareholders at Ardagh Group (AG) in the restructuring. Inevitably, the equity
Read MoreThe company won’t be releasing results while in restructuring conversations with its stakeholders. It’s value vs. debt carrying capacity for
Read MoreThe roadblocks are falling one by one. Intrum’s settlement with the 2025 group has received US court approval. The company had
Read More