Bondholder approval to scrap the partial redemption was inevitable. Accentro doesn’t have the money right now, and the proposed
Read MoreAccentro was never going to be able to make the €65m bond redemption in December, hence the restructuring. This proposal will
Read MoreGetting the first €9.8m of the €35m in super senior secured funding from bondholders is one step closer to completing the
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The restructuring deal is one step closer after the Ad Hoc bondholder group agreed to buy the 2029 bond. Assuming the bond purchase is completed as
Read MoreFor weeks the Ad Hoc bondholder group has been pushing Accentro to agree to a credible plan to restructure its balance sheet, and that has now
Read MoreGetting a group of Bondholders to lend Accentro the money to pay coupons on their debt is a slight positive. The bondholder group would prefer a
Read MoreAccentro is shaking a stick at bondholders, and a StaRUG process is coming. Investor patience will be thin at a third non-court restructuring in
Read MoreThe failed DIM purchase is another murky transaction from Accentro. BAFIN wants to reopen the accounts for 2021 and 2022 to investigate
Read MoreIt isn’t a surprise that the single holder of the 2029 bond has agreed not to enforce the upcoming leverage breach before 14th July. An extension will require
Read MoreAccentro has persuaded 42% of bondholders to agree not to enforce the upcoming debt covenant breach. Enforcement would require support from
Read MoreWith an asset write-down of €50m - €60m on the way leading to a breach of the Indebtedness covenant, a delay in publishing FY23 results is
Read MoreFriday’s announcement of a €50m - €60m devaluation in properties is likely to be on the rental portfolio in eastern Germany. We have been sceptical about the valuation and why
Read MoreShareholders were never likely to object to an agreement that gave them more time for asset prices to improve, especially when largely paid
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Today’s offer of fresh equity comes with strings attached that would shift risk back onto bondholders, in return for an underwhelming amount of fresh cash. The trickiest bit in
Read MoreVonovia’s Q3 results this morning highlights that there remains at least minimal liquidity in the residential market in Germany, with €1.7bn of sales in Q3. Reassuring
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Accentro published a profit warning earlier this week that told us most of what we needed to know about the first half of 2023. The company's full-year guidance has
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