First thoughts this morning are that we are paying a lot for an equity layer that is structured as a mere option. Liquidity seems adequate, the
Read MoreMoody’s downgraded Altice International's senior secured debt to Caa2 from Caa1, and its unsecured debt to Ca from Caa3. Given where the
Read MoreFitch has maintained Emeria’s bond ratings at B and CCC for the senior secured and senior unsecured, respectively, but revised
Read MoreMargin preservation has pushed Morrisons to source non-British beef. Price pressure in the UK is going to continue to rise, and
Read MoreA new competitor for Ocado, with a former Ocado executive as CEO. Veloq launched in 2014 and claims to deliver 1.3m orders a
Read MoreIf BT acquires TalkTalk it would solidify its leading position in the consumer broadband market. VMED will still be interested in acquiring the
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The creditors have filed an alternative, minimalist plan that requires no price rises, but also no fines and less CapEx for the coming five years. Not having
Read MoreThe Credit Derivatives Determinations Committee has ruled that the French telecommunications group’s debt restructuring constitutes
Read MoreHeimstaden are issuing a 4-year SEK-denominated bond, hosting a call tomorrow. With the proceeds, Heimstaden Bostad will
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So Adler Pelzer's EBITDA has been outperforming our forecast recently, even if at the cash level we haven’t seen the difference, but the call may just have provided the answer as to why. There appears to be a €20m reclassification of R&D expenses into CapEx, as new launches are being postponed. The performance is therefore
Read MoreNoteholders get to claim their shares and sign up for the New Money Notes between today and Friday 20th of June. We are not pretending to be
Read MoreArdagh Group will want to clear the legal challenge by Arini and Canyon before finalising a deal with creditors. Currently, the only transaction under
Read MoreThe amount of cash is less important than the fact that the banks are not convinced that transparency at OHLA has improved after the
Read MoreAcquiring CityFibre would be marginal for Liberty/Telefonica unless the assets were acquired at a significant discount. Any potential purchase of
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Please find our updated analysis of Emeria here.
It is June, and the end of Q225 is less than a month away. If the WC outflow still represented a problem, we’d have heard of it now. It’s inflows from here. The company’s strong market position in France should allow it to hold on to the Phenix cost savings, and
Read MoreSES have announced Elizabeth Pataki as the new CFO, effective the week after next. She is from the industry, with 20 years of experience, she is
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Operationally Britains favourite pizza chain remained well on forecast. The only major differences were in Working Capital, which produced
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