SBB Norden - comment

If Fir Tree wins the litigation to accelerate the EMTN notes, SBB would immediately have to file for court protection as all EMTN holders could accelerate, and the company has SEK30bn+ of EMTN debt outstanding. Fir Tree will be hoping that the risk of loss will lead to SBB cutting a side deal for the €50m of bonds held by Fir Tree and other funds. The case is due to be heard in January.