SBB Norden - comment
Another headache for SBB Norden (SBB), but we are sceptical that the default notice will be enforceable as the language around the calculation of Interest Cover is vague. However, the acceleration notice does underline the challenge of getting a consensual restructuring done. There is no trustee, and individual bondholders can seek enforcement. We have previously written that Swedish law provides for a stay to prevent individual bondholders from seeking repayment if a restructuring is needed. We expect a dual track (UK/Sweden) to be used in court-driven processes.