Shareholders have formally agreed to their dilution under the restructuring plan by allowing share issuance in excess of 10% - conditional upon a
Read More
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
Read MoreIntrum has reached an agreement in principle with over 75% of its RCF lenders on terms we find advantageous to Intrum. The level of
Read MoreAs mentioned in previous comments, we expect at least one improvement of the offer to Noteholders before they sign up in sufficient numbers. Thus far
Read More
Just as this name becomes all about the servicing business, margins in the segment are improving significantly. After hiring new
Read MoreThis morning’s announcement appears to be the continuation of Cerberus’ deal earlier in the year. On its own, that deal was a one-off
Read MoreWe are going through the details of the LUA this morning. However, away from all the details we find most notable that the support for the restructuring is
Read MoreIntrum have announced the last-minute closure of their transaction with Cerberus. The headline proceeds figure is reduced due to the delay
Read MoreIntrum bonds are being downgraded to junk ahead of what will likely be a distressed exchange. We imagine this will be forcing out a
Read MoreWell, are we glad that we are no longer in the equity this morning… Intrum creditors have finally agreed to disagree as this morning’s proposal confirms that
Read MoreEscape forward. Intrum and Cerberus are emerging victorious in the battle for Zolva’s €6bn of Spanish and another €bn of Norwegian assets. Cerberus and
Read MoreThe private market is frothier than the bond market. Intrum, SBB, DoValue are only the latest examples this weekend where asset-based
Read More