Amara - comment

As per last Friday, we said it wouldn’t be long before the company needs fresh cash. Less than a week later, we understand that

Wolfgang Felix4 December 2025AMARA

Rekeep - Déjà Vu - Model Update

Please find our updated analysis post the recent Q3 results here.

The Q3 results announcement was overshadowed by the confirmation of the criminal investigation undertaken by the Palermo

Tomás Mannion3 December 2025REKEEP

Atalian - comment

As long as Atalian has enough liquidity to get by, we expect management to hold out, but a potential sale to a competitor (even if

Aengus McMahon3 December 2025ATALIAN

Boparan - comment

The appointment of a new head for the Meals and Bakery business may be a sign of changes; we expect this division will eventually be

Aengus McMahon3 December 2025BOPARAN

Thames Water - comment

Very impressive. Price rises bite faster than expected, raising H126 organic revenue (before Tunnel recognition) by 35% YoY, while

Wolfgang Felix3 December 2025THAMES WATER

SBB Norden – Journey continues

Please find our updated analysis here

The recent swap of the Community Assets for a stake in the Norwegian company Public Private Invest will leave SBB with sufficient liquidity to

Aengus McMahon2 December 2025SBB

Pasubio - comment

Pausubio are holding its Q3 conference call at 11 UK time, but initial reaction to numbers are broadly in line with our

Tomás Mannion2 December 2025PASUBIO

Pfleiderer - comment

As per our September presentation, absolutely everything would have had to go to plan for Pfleiderer to escape yet another round of

Wolfgang Felix2 December 2025PFLEIDERER

Selecta - comment

According to the documentation, the 1Os should be paying a mix of PIK and Cash when above €600m. However, the situation on

Wolfgang Felix2 December 2025SELECTA

Transcom - comment

With 86% of the bonds already committed to the amend and extend proposal, it is unsurprising that, following the early

Tomás Mannion2 December 2025TRANSCOM

Ardagh Metal Packaging - comment

The delisting of the AMP warrants will not prevent trading. The warrants, which expire in August 2026, have a strike

Aengus McMahon2 December 2025ARDAGH

Consolidated Energy - comment

The downgrade from Moody’s is a reaction to CONSEN not dealing with the $227m May 2026 SUN maturity yet. The Agency point out that

Aengus McMahon2 December 2025CONSOLIDATED

ASDA - comment

With over £1bn of available liquidity (post the November £560m sale and lease back transaction), ASDA has sufficient cash to cope with the

Aengus McMahon2 December 2025ASDA

Isabel Marant - steadying the ship - Model Update

Please find our updated analysis on Isabel Marant here.

We continue to sound like a broken record. Despite marginally improving numbers, we remain uninvested in the Isabel Marant bonds. We maintain our

Tomás Mannion1 December 2025ISABEL MARANT

Tullow Oil - comment

Tullow has experienced a significant departure of its independent non-executive directors, with the Chairman and three other directors stepping down with

Tomás Mannion1 December 2025TULLOW

Rekeep - comment

The Bologna Court has rejected the petition filed by minority shareholders against the management of MSC Società di Partecipazione tra Lavoratori S.p.A., the

Tomás Mannion1 December 2025REKEEP

Altice International - comment

Altice International has commenced its financial restructuring by raising €750m at Altice Portugal S.A. This was enabled by

Tomás Mannion1 December 2025ALTICE INTERNATIONAL, ALTICE