It is odd to see the deadlines being postponed again. We don’t know the detail, but note the growing chatter about a group of accounts perhaps
Read MoreNoteholders get to claim their shares and sign up for the New Money Notes between today and Friday 20th of June. We are not pretending to be
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Fundamentally, the year is off to a good start. Intrum have brought cost under control and the service segment is growing, making up
Read MoreThe roadblocks are falling one by one. Intrum’s settlement with the 2025 group has received US court approval. The company had
Read MoreThe company has signed the investment partnership agreement with Cerberus. This is the framework agreement that was underlying the turnaround plan
Read MoreThe '25 holdouts have thrown in the towel. Intrum are buying out the “nuisance” by taking over the advisory fees the
Read MoreNothing to see here. The company is progressing towards deals with its creditors. Under the LUA it will be seeking formal approval to apply
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Two developments stand out this morning: Deleveraging (on a Cash EBITDA basis, but never mind) will take longer - more in line with our projections and
Read MoreThe ‘25s are now arguing their case in Sweden, having been dismissed in Texas. We remain confident, however, that the deal will go through smoothly.
Read MoreAfter the confirmation of its Ch11 proceedings in Texas, Intrum have now also received approval from the Stockholm district court. Given the
Read MoreThe confirmation of Intrum’s restructuring plan in Texas is good news for the vast majority of bondholders, even though it is mostly priced in. We suspect the
Read MoreShareholders have formally agreed to their dilution under the restructuring plan by allowing share issuance in excess of 10% - conditional upon a
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Intrum have spent a significant amount of time on the Q324 call talking about their plans for a Ch11 pre-pack. Contrary to what we had been hearing and
Read MoreIn another deal funded by Cerberus Intrum are preparing to buy a €2bn portfolio from Hoist - right as the company is preparing to restructure its
Read MoreIntrum seem to have sent out a final threat to their holdout creditors this morning with a consent solicitation for their Swedish MTNs - deadline
Read MoreThe news yesterday that Intrum have the support now of 72% of noteholders documents the intensity of the fight over the last required votes to bring the
Read MoreVery tempting. We read that the short-end hold-outs are making a last stand behind Lazard in a bid to improve deal economics in return for paving the way to
Read MoreAhead of its restructuring, the debt collector has appointed as CFO, Johan Akerblom, a McKinsey-trained banker from SEB with an eye for
Read MoreIn the end it was a little faster than we thought. Intrum have passed the 66+2/3% support level among noteholders for their restructuring
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