Intrum - comment

In the end it was a little faster than we thought. Intrum have passed the 66+2/3% support level among noteholders for their restructuring plan. We think the 75% level will drop soon, which would allow for cheaper and safer implementation in the UK, or even a voluntary exchange if moving past 90% (not unlikely). The Earlybird Consent deadline has been extended to September 2nd to that end.