Accentro - comment
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 under two years. However, most assets are outside the LuxCo structure, so a consensual process is still the most likely. Under StarRug, Accento could cram down dissenting bondholders if it gets 75% or more agreement to the restructuring plan. The flip side is that the court will want a plan in place and creditors can propose their own and don’t need the shareholders. Creditors have been taking advice from Houlihan and Milbank and have been (purposefully?) bullish about their prospects. Some light is about to be shone into Accentro.
Accentro says it needs to secure the existence of the company, and will defer bond interest until the end of the year.