Loewen in Play

All, 

Rumour has it that Ardian (Axa PE) have engaged CS to sell the company.

Selling the company in times as uncertain as these (see German regulation) suggests the sponsor has material doubts over the future of Loewen Play beyond the end of the year - as do we.

A change of control would bring 18 points for bondholders, but more than before it seems the like the last straw. 

Bonds have traded up into the low 80s in the rally, but we are fundamentally struggling at 75c/E, so are certainly struggling now.

Wolfgang