Lowell - comment

The Dutch auction that forms part of the restructuring has been slightly upsized to €194m and is now concluded,

Wolfgang Felix14 July 2025LOWELL

Please note that the Branicks email sent on 10th July was incorrectly labelled as a model update. The analysis remains unchanged.

Apologies for any confusion caused.

Martha Felix14 July 2025BRANICKS, DIC ASSET

Consolidated Energy - comment

We have addressed many of the same points in the Moody's release in our recent investment memo. We expect the pricing

Aengus McMahon11 July 2025CONSOLIDATED

OHLA - comment

OHLA clearing itself of any corporate governance wrongdoing is no surprise. The release highlights that the additional information

Aengus McMahon11 July 2025OHLA

ASDA - comment

All turnaround plans require the removal of a layer of management. ASDA wants to see clearer decision-making at the

Aengus McMahon11 July 2025ASDA

Branicks - Shuffling and preparing

Please find our unchanged analysis here.

Branicks is setting the scene for the upcoming Amend and Extend operation by repaying its VIB loan with an asset swap, which increases the security

Aengus McMahon10 July 2025BRANICKS, DIC ASSET

AroundTown/Grand City Properties - A New Perspective

Please find our updated analysis on AroundTown here and its subsidiary, Grand City Properties, here.

As part of our process of re-examining the Heimstaden capital structure, we have also updated our analysis of Grand City Properties and AroundTown.

Tomás Mannion10 July 2025AROUNDTOWN, GRAND CITY

Amara NZero, Emeria, Kem One and Rekeep Idea Pitch Videos Now Available

The new Idea Pitch videos are now available: Amara NZero, Emeria, Kem One and Rekeep.
You can find them on the Sarria website landing page as well as on each individual company’s dedicated page.

Wolfgang Felix10 July 2025AMARA, EMERIA, KEM ONE, REKEEP

Standard Profil - comment

Standard Profil have announced the launch of a lock-up agreement with an ad hoc group of bondholders, accounting for 65% of the

Tomás Mannion10 July 2025STANDARD PROFIL

Thames Water - comment

Parties are still positioning themselves. The treasury insists that the utility pay its fines and fails to provide assurances beyond

Wolfgang Felix10 July 2025THAMES WATER

Eutelsat - comment

According to Les Echos, London is ready to co-invest into Europe’s only LEO operator. The investment would not rival France’s 30% stake, but

Wolfgang Felix10 July 2025EUTELSAT

Altice (SFR) France - comment

Altice France announces unanimous votes in favour of the draft accelerated safeguard plans. The hearing before the Commercial Court of

Tomás Mannion9 July 2025ALTICE, ALTICE SFR

Altice (SFR) France - comment

With summer underway, speculation has resumed. This morning’s press article references potential interest from Blackstone in a joint

Tomás Mannion8 July 2025ALTICE, ALTICE SFR

Branicks - comment

Neutral overall for creditors, the VIB loan is repaid, and the security is released. The institutional business will see its value grow when the

Aengus McMahon8 July 2025BRANICKS

Heimstaden - Asset coverage versus cash flow.

Please find our updated analysis on Heimstaden Bostad and Heimstaden AB here.

We re-examined the Heimstaden credit to see if there was any trading opportunity across the structure with upcoming maturities. However, the

Tomás Mannion7 July 2025HEIMSTADEN

Heimstaden AB - comment

Heimstaden AB is issuing a new 5.5-year senior unsecured note, with Deutsche Bank, J.P. Morgan, Nordea Bank, and Swedbank mandated

Tomás Mannion7 July 2025HEIMSTADEN

CPI Property Group - comment

Demonstrating that the CEE markets are open for Real Estate sales is an important plank for CPI. The €55m (gross asset value) retail park

Aengus McMahon7 July 2025CPI

ASDA - comment

ASDA’s price reduction campaign is bound to lead to some coercion to get suppliers to take some of the strain. As we noted in our

Aengus McMahon7 July 2025ASDA

Accentro - comment

Having received creditor consent, we expect the Accentro restructuring to be completed by the end of September. Creditors will assume

Aengus McMahon7 July 2025ACCENTRO

PizzaExpress - The new proposition

Please find our updated analysis of Pizza Express here.

Now that the bonds have been exchanged and the leverage is reduced, at least in gross terms, the situation looks clear enough for a

Wolfgang Felix4 July 2025PIZZA EXPRESS