Intrum - comment

The tender was popular. Intrum had applied a waterfall of priorities between the bonds, prioritising the front end and the

Wolfgang Felix18 November 2025INTRUM

Eutelsat - comment

Round 1 of the capital increase is underway for €828m of fresh equity. Thi sis the reserved leg to be subscribed by the French state, also

Wolfgang Felix18 November 2025EUTELSAT

Worldline - comment

The company has closed the sale of its MeTS division for the announced €410m. The liquidity will give the company much

Wolfgang Felix18 November 2025WORLDLINE

Transcom - Proposal

Please find our existing analysis on Transcom here.

Transcom has announced a consent solicitation and exchange offer for all of its Senior Secured Notes. In summary, the Company is proposing a

Tomás Mannion17 November 2025TRANSCOM

Cerba - comment

The tone of the Cerba call continues to centre on self-help measures and cost savings as the Company attempts to grow into its

Tomás Mannion17 November 2025CERBA

Rekeep - comment

Rekeep reported its Q3 numbers, although most of the discussion focused on the criminal investigation undertaken by the

Tomás Mannion17 November 2025REKEEP

SES/Eutelsat - comment

Yes, IRIS2 is committed to, but this is not the shift of funds that will boost the slower-than-expected government satellite

Wolfgang Felix17 November 2025SES, EUTELSAT

Adler Pelzer - At Face Value - Model Update

Please find our updated analysis of Adler Pelzer here.

At face value, the bonds look refinanceable. A tidy 1.5x FCCR should usually do. However, the picture deteriorates when taking into

Wolfgang Felix17 November 2025ADLER PELZER

Boparan - comment

The upgrade to B+ will not make too much difference to the potential holder base, as the company rating was already B. We are sceptical that the current

Aengus McMahon14 November 2025BOPARAN

Aston Martin - comment

The financial metrics behind the downgrade from Fitch to CCC+ match our thinking. We believe a further cash injection will be needed and

Aengus McMahon14 November 2025ASTON MARTIN

Accentro - comment

The restructuring is finally complete, after the abortive attempts to leave existing shareholders driving the bus. The next step will be

Aengus McMahon14 November 2025ACCENTRO

Rekeep - comment

Rekeep is set to report its Q3 results later today, but investor focus is instead on reports that the Palermo Prosecutor’s Office has requested house arrest for

Tomás Mannion14 November 2025REKEEP

Iceland - timing a refinancing - Model Update - Positioning

Please find our updated analysis on Iceland post its Q2 numbers here.

Iceland bonds are call-constrained, with the Company likely to pursue a refinancing in the coming quarters. The key consideration is whether to

Tomás Mannion13 November 2025ICELAND

Viridien – Delivery - Model Update

Please find our updated analysis here.

Viridien has delivered on the promise to move to an asset-light business and has been rewarded with rising free cash flow generation as

Aengus McMahon13 November 2025CGG, VIRIDIEN

Stonegate - Having done more work... - Model update

Please find our updated analysis of Stonegate here.

Following the Q325 results we felt we should raise our projections for the company as operating expenses turned out better than expected. However,

Wolfgang Felix13 November 2025STONEGATE

Grand City Properties

Maybe we are expecting too much, but there remains little tangible evidence of the “capturing growth” and “positioned well for future opportunities” narrative previously

Tomás Mannion13 November 2025GRAND CITY

Fedrigoni Client Call and Presentation are now available on the website

Fedrigoni Client Call and presentation are now available on Fedrigoni’s page.

Martha Felix13 November 2025WORLDLINE

Ardagh Group - comment

The appointment of Mark Porto as Executive Chairman adds experience in working through a restructuring and is a positive. With Coulson exiting the business,

Aengus McMahon13 November 2025ARDAGH

SBB - comment

The 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

Aengus McMahon12 November 2025SBB

Ardagh - comment

The Amicable Agreement announced by Ardagh does not mean they have reached an agreement that binds the PIKs yet. Unless an agreement is

Aengus McMahon12 November 2025ARDAGH