Selecta are moving fast with the implementation. The Exchange Offer Memo is out (for holders only). The offer is set to expire in
Read MoreFirst thoughts this morning are that we are paying a lot for an equity layer that is structured as a mere option. Liquidity seems adequate, the
Read MoreSo we missed the subtitles the other day. The restructuring is agreed. As far as we interpret the cryptic note, substantially all bonds will equitise via
Read MoreYesterday’s consent request to slightly lift the facilities basket back to its original size of €200m, is modest and will be agreed. The required threshold is
Read MoreThe company won’t be releasing results while in restructuring conversations with its stakeholders. It’s value vs. debt carrying capacity for
Read MoreThe 1Ls are creating Selecta now at a mere 40% of what it was worth only a year ago. We are not suggesting that was the right valuation then
Read MoreRatings at this stage are secondary, but interestingly, and perhaps rightly, S&P do not care about grace period extensions. The SSNs have now been
Read MoreWe understand the company has not paid coupon this month. We have been expecting negotiations to
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Selecta yesterday reported dreadful results. The thesis that the Olympics and football would drive revenues as the Germany Worldcup did back in 2006 did not play out in an
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Wolfgang was a bit grumpy yesterday. Selecta did not live up to our admittedly lofty expectations. The timing of Easter and a further reduction of 5k private
Read MoreLavazza, ostensibly one of the parties involved in the potential sales process that did or didn’t take place recently, are bidding an encouraging €7.15 per share for
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"Let It Bloom” was effectively written all over the presentation yesterday. Management currently see no cloud on the horizon and with the heavy lifting
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Q3 revenues and earnings came in almost on top of our estimates. More interesting is what is going on on the balance sheet, in particular with
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