Douglas, State Aid and the SUNs

All,

Please refer to our previous analysis / model here (not yet stress tested).

Douglas have closed nearly the entire business in all regions except the online stores. Management are "considering participation in the announced national and regional aid programs for affected businesses until normal business operations can be resumed.”

We consider the SUNs weakly positioned when it comes to a KFW loan, given baskets and its legal as well as structural subordination, voting cadences as well as size. 

We are therefore exiting the position.

Wolfgang