As part of the restructuring process, Altice France SA filed for Chapter 15 yesterday. An initial hearing is expected today (Wednesday), with a
Read MoreIn acknowledgement that Tullow will not be able to make it on its own, management has been attempting to initiate merger talks with
Read MoreSelecta are moving fast with the implementation. The Exchange Offer Memo is out (for holders only). The offer is set to expire in
Read MoreIt is odd to see the deadlines being postponed again. We don’t know the detail, but note the growing chatter about a group of accounts perhaps
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Q4 saw lower revenue than we had modelled, but at even better margin, which is consistent with management’s strategy. The rea
Read MoreLiam Nolan, from FTI Consulting, has been appointed CFO at Kem One. Mr Nolan, who has extensive experience in restructuring,
Read MoreDear all,
Please note that the commentary sent earlier today regarding the SEK 2.0bn SUN exchange offer related to SBB Norden SUNs and Hybrids was based on information that is 12 months old.
We apologise for the oversight and any confusion this may have caused.
Should you have any questions or wish to discuss further, please don’t hesitate to reach out.
Kind regards,
Aengus
Lowell has extended the consent solicitation again, to June 18th. The reason for the repeated extensions appears to be the
Read MoreThe Very Group announced that a further £ 900k of bonds were successfully tendered, resulting in £99.3 million outstanding. We have not partic
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Revenue and EBITDA (including margins) were ahead of our estimates. Poultry benefited from destocking, which boosted prices. However,
Read MoreSEK 2.0 bn SUN being offered to SBB Norden SUN and Hybrid holders gives a chance to get closer to the assets and will be attractive. The exchange offer will be via an unmodified Dutch auction satisfied by 80% new notes and 20% cash. The 2027 SUNs and Hybrids trade around 70%, and we expect there will be plenty of demand. The main thrust of the reorganisation of debt is the SEK10.4bn of bank debt that Sveafastigheter is moving closer to the resi assets.
Purchasing the other 50% of the Hook2Sisters will give the Boparan Family Office more opportunities to manage the margins at
Read MorePress reports this morning state that Stonegate has hired Alix Partners to trim its management ranks. Numbers circulate of 150
Read MoreThe new €595m 2031 SSNs will increase ASDA’s interest bill by around £40m, a manageable amount. The refinance of the 2026 SSNs pushes the
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Please find our updated analysis of Amara here
Picking companies in growth sectors, even when temporarily not growing, has the advantage that unforeseen circumstances rarely constitute default risk. If value is lost on the way somewhere, the business will eventually recover it. Add to that: 1) strong market share, 2) scalable cost structure, 3) cost focused management, 4) good liquidity and 5)
Read MoreOcado drawing the LC line cannot have surprised the Bank of Nova Scotia, given the cost of external bond debt. High-yield issuance
Read MoreThe purchase of OCI’s 50% stake in Natgasoline will be completed on 27th June. We expect no change in ownership before 2026 bu
Read MoreMoving to a General Standard will significantly reduce the disclosure requirements for Accentro. The company will continue to report
Read MoreManagement has said it needs to issue Hybrids as it doesn’t have public equity as a currency. The Exchange Offer is attractive,
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