The Utility has drawn its second tranche of the £1.5bn super sr. funding, which on the original math should see it through Q126. The company has worded the
Read MoreDeutsche Bahn’s CEO Lutz has lost his job over the €700m H125 losses at the German train operator. While Deutsche Bahn is state owned, use of the
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Please find our updated analysis on Atos here.
We have remained sceptical of the Atos turnaround story, but many of you have asked us to look at the name again. We have started our analysis from scratch, focusing on the
We have remained sceptical of the Atos turnaround story, but many of you have asked us to look at the name again. We have started our analysis from
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Q2 results fell below our expectations due to continued weakness in the UK and French construction markets. Although the Q2 results were poor, they
Read MoreNothing substantial changed with the announcement yesterday. The PIKs are in a weak position and will be crammed down in a
Read MoreThe USD20m judgement is appealable, so there is no immediate impact on liquidity. The award is USD16.4m plus interest (the interest rate is
Read MoreEnvironment Secretary Steve Reed has signed the appointment of FTI Consulting to advise the government on contingency plans for Thames Water, if negotiations fail
Read MoreS&P has been resetting their expectations for the New Normal equilibrium in UK Pub revenues, ending all allowances and adjustments that
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As tends to be the case with residential real estate companies, quarterly movements are smaller than for other corporates. Like-for-like rental growth came in
Read MoreFollowing Moody’s, Fitch has now also downgraded Stonegate to CCC+. The bonds yield over 10% and so reflect the ratings, but we agree with the
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Carlyle’s £280m Loan at VGL Midco, a holding Company outside the restricted Group of The Very Group, matures in November 2025, and with no
Read MoreCerba and other medical laboratory groups experienced a decline in bond prices following a wider circulation of a report released by the
Read MoreArdagh has over 75% support from the PIK holders and over 90% from the SSN and SUN holders. The PIK holders could force a court
Read MoreWe’re proud to support our community and collaborate with reporters on the names we cover — always careful to keep key findings exclusive to our clients.
Sarria’s quote is reproduced below as featured in Bloomberg's EMEA Distressed Daily, 8th of August:
”The company’s Spanish division alone would be enough to pay off its debt, according to Wolfgang Felix, founder of credit research firm Sarria.”
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We were very pleased with the strong attendance at our latest Live Discussion – thank you for joining us!
It was great to see your engagement throughout the session. We even ran slightly over time to make sure we addressed as many of your questions as possible.
Below is a summary of the Q&A. Please contact us if you have any more questions.
Read MoreWe’re proud to support our community and collaborate with reporters on the names we cover — always careful to keep key findings exclusive to our clients.
Sarria’s quote is reproduced below as featured in Bloomberg's EMEA Distressed Daily, 8th of August:
”The company’s Spanish division alone would be enough to pay off its debt, according to Wolfgang Felix, founder of credit research firm Sarria.”
Read More(Wolfgang on behalf of Tomas) The company disclosed that over 97% of holders of the 2026 notes are supporting the amendments. Since these
Read MoreThe AGM approved the issuance of €480m of convertible bonds; there are no plans yet to issue these bonds, but it is conceivable that part
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Iceland’s Q1 results were broadly in line with expectations, particularly given the guidance provided with the recent financial year 2025 results. A slightly
Read MoreGraanul provided an update on the consent solicitation process, as over 75% of existing noteholders have acceded to the Amend and Extend agreement. The early
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