Accentro - comment
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 not a shock. Accentro has commissioned a restructuring report (IDW-S 6), and the auditors will want more clarity on signing off the accounts after more drama. The banks and the bondholders are incentivised to try and keep Accentro going, as a German liquidation process will cost everyone money.