US glass operations are smaller but more profitable, and Europe/Africa is seeing low single-digit volume growth. There has been little by way of
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Flora have appointed Giangaddo Prati as CFO to replace Florence Naviner, who will retire in March 2026 after the closure of the
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Graanul reported its Q3 results, which were broadly in line with expectations. Demand for wood pellets has strengthened since the
Read MoreThe long-awaited cooperation agreement at Cerba is now in place. It is reported that 66% of senior creditors have signed the agreement,
Read MoreRecent strong investor demand has continued to push new issuance coupons tighter for AroundTown. The most recent issuance reduces
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Revenue was in line with our model, and whilst reported EBITDA was ahead, driven by the absence of one-offs. The take-up of new, faster
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Revenue growth is slower than anticipated - primarily due to Spanish Long-haul growth of a mere 4%, where the segment benefited from a Multi-Vouture scheme last year. The lower end of
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There are no signs of recovery in Ineos’ latest market update on the wider chemical industry. The ethylene market remains oversupplied, with
Read MoreThe FT article on the Ocado/Kroger CFC closures fleshes out a few interesting points. We still expect CFCs to be the major part of the
Read MoreThe bank debt is moving with the assets (we estimate bank debt LTV of c25%). The deal involved just under €900m of assets moving from
Read MoreThe consent request from the 10th of November has now been approved, leaving a mere €300m more to draw, which should focus
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Interesting colour, but nothing new here, Proman will not be repaying its loans from CONSEN anytime soon (as we expected). The $360m loan and $280m guarantee have
Read MoreThe CFC model is not dead, but is evolving. ODO Systems is a competitor to Ocado, and we agree with the sentiment that
Read MoreTullow’s endgame may be approaching, or perhaps not. As we stated previously, a delisting, debt for equity and/or Amend and Extend are the only
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The impact of the deal will be to layer the SSNs and SUNs with another £568m of debt. The use of the cash will be to support the turnaround of
Read MoreAs part of €750m in debt issuance, Vivion hopes to issue its first £250m hybrid, a positive step for a company where there is
Read MoreThe rationale behind Michael Hintze’s fund taking 15.8% of Accentro isn’t immediately clear. The purchase is via Deltroit Directional Opportunities Master fund,
Read MoreThe French police, supported by Eurojust, have conducted raids on several homes and businesses in France as part of an investigation into
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