The sale of Assurimo to Odealim, another entity owned by TA Associates, promises to be very good news for bondholders. The deal, which mirrors the
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Press reports have the PIK holders appointing White & Case to advise on accepting the restructuring plan put forward by the Ardagh Group. The Ardagh HoldCo PIKs are in a
Read MoreThe new €150m 2032 ICO-backed loan (funding available to companies affected by US tariffs) is great news. The company had been alluding to negotiations, but we
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Overall, the group is tracking our model very closely, except that reported divisional revenues at S.A. level include LEO revenue, something we have
Read MoreASDA needs to raise cash to fund price support, and management had already said that Sale and Leasebacks could be part of that. The recently issued
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The pub operator reported results on Friday - without a call, as those are reserved for half-years. Management must be commended for doing a great
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The Q2 2025 numbers did not contain any surprises. We still forecast FY revenue at $1.1bn and EBITDA of around $500m. The company generated
Read MoreIt appears there may be IT issues, or perhaps the upcoming restructuring, which has affected Cerba’s investor relations site, resulting in the removal of all historical financial results. Fortunately,
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Despite the restructuring process of prior years, Atos's results are difficult to comprehend, given that the Company embarks on a further
Read MoreThe Drax results yesterday, and management’s subsequent comments, reaffirm our view that Graanul will remain under pressure post FY26. We view the
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Q2 had slightly better revenues than we expected, but at slightly worse margins. One-offs were, however, more significant than modelled, and so
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A brief update ahead of AMS Osram’s analyst call this morning. The Q2 results were largely expected, following guidance from the
Read MoreThe decision to end the network spinoff deal is a surprise and points to a divergence in strategy between Liberty and Telefonica. The impact is
Read MoreFitch has downgraded Graanul’s credit rating to B minus from B plus, citing refinancing risk as the primary concern. Notably, Fitch does not
Read MoreVictoria Plc has confirmed that 78% of the 2026 Noteholders voted in favour of the recent consent solicitation to elevate the ranking of the
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Even though fundamentally this is only an incremental update - beyond the admirable cost control, we find few incremental insights - this is a major update financially. Following the conclusion
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Revenue was slightly short of our forecast as more subscribers than we expected churned off when the annual price rises were
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