Bondholder approval to scrap the partial redemption was inevitable. Accentro doesn’t have the money right now, and the proposed

Accentro was never going to be able to make the €65m bond redemption in December, hence the restructuring. This proposal will

Getting the first €9.8m of the €35m in super senior secured funding from bondholders is one step closer to completing the

The restructuring deal is one step closer after the Ad Hoc bondholder group agreed to buy the 2029 bond. Assuming the bond purchase is completed as

For weeks the Ad Hoc bondholder group has been pushing Accentro to agree to a credible plan to restructure its balance sheet, and that has now

Getting a group of Bondholders to lend Accentro the money to pay coupons on their debt is a slight positive. The bondholder group would prefer a

Accentro is shaking a stick at bondholders, and a StaRUG process is coming. Investor patience will be thin at a third non-court restructuring in

The failed DIM purchase is another murky transaction from Accentro. BAFIN wants to reopen the accounts for 2021 and 2022 to investigate

It isn’t a surprise that the single holder of the 2029 bond has agreed not to enforce the upcoming leverage breach before 14th July. An extension will require

Accentro has persuaded 42% of bondholders to agree not to enforce the upcoming debt covenant breach. Enforcement would require support from

With an asset write-down of €50m - €60m on the way leading to a breach of the Indebtedness covenant, a delay in publishing FY23 results is

Friday’s announcement of a €50m - €60m devaluation in properties is likely to be on the rental portfolio in eastern Germany. We have been sceptical about the valuation and why

Shareholders were never likely to object to an agreement that gave them more time for asset prices to improve, especially when largely paid