Biogroup - comment

BioGroup has launched an A&E for its capital structure, transitioning to an all-senior structure maturing in 2031. The existing

Tomás Mannion27 April 2026BIOGROUP

Adler Pelzer, Antolin - comment

The Apolo acquisition (agreed) of Forvia’s interiors business is insightful. Forvia (Faurecia) is struggling with its margins, like most

Wolfgang Felix27 April 2026ADLER PELZER, ANTOLIN

Air Baltic - comment

Lessors hiring Gibson Dunn to face Seabury, acting for the debtor, fits the downside narrative of a US CH11 process in

Wolfgang Felix27 April 2026AIR BALTIC

ION Platform - Dividend risk

Please find our unchanged analysis here.

During our credit call on ION Platform on Tuesday, one question that stood out concerned the ability to distribute cash from

Tomás Mannion24 April 2026ION PLATFORM

Modulaire - comment

Operationally, a good quarter with margins better than we expected, leading to a better-than-expected cash flow turn out. However, the

Aengus McMahon24 April 2026MODULAIRE

Ardagh Group - comment

Operational results were broadly in line with company guidance, so the bonds should be slightly higher. Given its liquidity of

Aengus McMahon24 April 2026ARDAGH

Clariane - comment

Clariane's Q1 revenue release should be mildly supportive for the bonds, although the absence of EBITDA or cost disclosures is likely to

Tomás Mannion24 April 2026CLARIANE

INEOS Group - comment

Results ahead of our expectations and a broadly positive tone should support further strength in the bonds, reaffirming recent price gains. However, the

Tomás Mannion24 April 2026INEOS

Intrum - comment

Shares dropped yesterday, apparently on the news at the AGM that the company would not be paying a dividend. While we are still wondering if

Wolfgang Felix23 April 2026INTRUM

Cerba - Still Waiting At The Starting Line - Model Update

Please find our updated analysis on Cerba here.

With a large advisory roster ready to accrue fees, negotiations on the Cerba restructuring are about to begin. The outcome was inevitable and should have

Tomás Mannion22 April 2026CERBA

ION Platform Client Call and Presentation are now available on the website

ION Platform Client Call and presentation are now available on Ion Platform page.

Martha Felix22 April 2026ION PLATFORM

Kem One - comment

Apollo, the equity sponsor of Kem One, has added White & Case as an adviser alongside existing legal counsel Paul

Tomás Mannion21 April 2026KEM ONE

Atos - comment

The lower revenue outlook increases pressure on credit metrics, as weaker topline performance constrains deleveraging and heightens reliance on

Tomás Mannion21 April 2026ATOS

Aston Martin - comment

A legal dispute with one of its main shareholders will result in the bonds being marked marginally lower, but we do not expect a

Aengus McMahon21 April 2026ASTON MARTIN

VMED02 - Divergence

Please see our updated analysis here.

VM02 has seen stabilisation and a little growth return to its Mobile and Fixed segments. Both are mature in terms of market penetration, but

Aengus McMahon17 April 2026VMEDO2

Cerba - comment

Cerba HealthCare announced its intention to open two mandat ad hoc procedures at both the operating company and top holding

Tomás Mannion17 April 2026CERBA

Altice France - comment

Altice France has granted an exclusivity period to Orange, Iliad and Bouygues Telecom in connection with their joint proposal to

Tomás Mannion17 April 2026ALTICE SFR

Pasubio - comment

Pasubio has acquired Luilor SpA, but with no financial details disclosed. This should be broadly positive as the Company continues to build on

Tomás Mannion17 April 2026PASUBIO

Cerba - comment

Cerba investors remain at the starting line for an inevitable restructuring as the Company publishes Q4 and FY25 results that ignore the

Tomás Mannion16 April 2026CERBA

Air Baltic - comment

As per our initiation |M, subsequent commentary and Tuesday’s call, support for the Riga-based carrier is going to be a political lightning rod ahead of

Wolfgang Felix16 April 2026AIR BALTIC