Maybe we are expecting too much, but there remains little tangible evidence of the “capturing growth” and “positioned well for future opportunities” narrative previously
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Fedrigoni Client Call and presentation are now available on Fedrigoni’s page.
Read MoreThe appointment of Mark Porto as Executive Chairman adds experience in working through a restructuring and is a positive. With Coulson exiting the business,
Read MoreThe latest transaction solves SBB’s liquidity needs out to 2028, so it buys plenty of time. This is a positive for creditors, but it does not
Read MoreThe Amicable Agreement announced by Ardagh does not mean they have reached an agreement that binds the PIKs yet. Unless an agreement is
Read MoreAdler announced that it has (again) sold its Kaiserlei development in Offenbach, this time to the Frankfurt Housing Association. Again,
Read MoreIntrum are buying back €75m of SSNs, not in pro rata amounts between them, but instead with a waterfall of priorities at
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Q3 25 results were out on 7 November. Stable valuations and rent increases (6.6% YTD) are positive, but do not alter the fact that
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Better than we thought. Lowell has dropped Nordic assets into a new SPV, financed by a €200m ABS Receivables Facility, which has been
Read MoreThames Water Super Sr. creditors are asked to consent to another £321m draw under its facility - presumably the
Read MoreIt is remarkable what can be achieved with state support. Emeis, formerly Orpea and a peer of Clariane, announced this morning the
Read MoreFor now, M&S is not discussing a purchase, but we still expect M&S to eventually buy Ocado out of their UK joint venture. Taking
Read MoreAs anticipated, Carlyle’s £280 million loan to VGL Midco, a holding company outside The Very Group’s restricted group, was not
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Please find our initiation on Fedrigoni here.
There must have been a period when Italians produced only paper; such is their density of abandoned paper mills. Particularly, the north of the country is littered with forgotten sub-scale sites that went out of business long ago. We may be biased, but we struggle to think of any paper/packaging HY issuer that has never been in trouble. Please let us know if you can think of one.
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Engineering Client Call and Presentation are now available on the website
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On the Q2 2026 call, management commentary was relatively positive, notwithstanding ongoing uncertainty in the UK consumer environment ahead of
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