Appointing a new Chief Commercial Officer will help bonds today. AML has invested a significant amount of money in well-received new
Read MoreThe company is launching a new €700m SUN 6NC2 indicated at 8% and has renegotiated its €600m RCF to September 2028 with a
Read MoreThe latest card shuffling by SBB is positive news for creditors, but doesn’t change a lot. We are puzzled at the rationale, but it does allow
Read MoreThe appointment of Sodali (reported on Debtwire) is positive for the bonds. Management needs a comprehensive solution and
Read MoreThe agreement with staff is positive for the bonds as it avoids short but disruptive labour disputes. Additionally, with the
Read MoreThe management changes are supportive of the bonds. The structure reflects a break with the old regime, indicating that Ardagh is
Read MoreAmara NZero continue to implement their restructuring under the bond documentation. Recovery in the form of classic debt documents is
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Investors’ concerns around Rekeep’s working-capital movement should ease following the Q1 call and, with results slightly ahead of our
Read MoreTravelodge - coming soon
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So the restructuring went largely to plan. The FY25 accounts were the last to be prepared with the pre-petition capital structure in place. The reporting entity
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Graanul’s bonds rose by around five points following the Q1 call last night, as investors took comfort from announcements of new contracts
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Results were in line with our model, but continuing problems in the UK business, and weakness in France will see the SUNs softer today. Free cash flow
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Graanul’s Q1 financial results were broadly in line with expectations, although production numbers were stronger than
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As results were below market estimates, the bonds will be fractionally lower, but they were broadly in line with our estimates. The company has reiterated its
Read MoreThe annual accounts published this morning should have some additional information for us, even if the extensive sections on the
Read MoreThe news that 2 Sisters has passed £70m of additional tax and wage costs to supermarkets will be supportive of the SSNs, but the
Read More0% of Tele Columbus’ SSN holders signing up to the creditor co-op agreement is a positive for the bonds. Tele Columbus is close enough to the
Read MoreThere should be no change to bond pricing on the news this morning that Fedrigoni will again defer its coupon on its
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Compared to SES yesterday morning, Eutelsat’s performance is brighter. It was a good, brief call, and bonds should be mildly friendly today as
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