Accentro - comment
The tweaked proposal tilts the table more towards the providers of new capital (the Super SSN and equity raise). With 68% of the SSN holders already locked in, the proposal is certain to pass. Under the new restructuring proposal, the SSNs will have a 40% haircut (rather than the 60%) previously proposed. The haircut will be represented in a deeply subordinated piece. It will not be possible to separate the SSM from the sub-piece, which will reduce liquidity. Accentro will also issue € 50 m in Super SSNs to existing SSN holders; the minimum redemption price of 140% will be a priority on sales proceeds, and the premium will help juice returns for participating SSN holders. Also, the providers of the Super SSNs will end up with 87% of the equity. Adler will emerge from the rubble with a 10% shareholding in Accentro (vs the 5% it had before) as it will be permitted to participate in the capital increase.