Losing the head of the technology business is a blow, but Tim Steiner will be perfectly capable of stepping in in the short term. However, Steiner will want to
Read MoreThat the appeals would be thrown out was all but certain (see previous notes). But not being lawyers, we find ourselves asking what
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No mention of an Altice SFR-type transaction on the Q4 and FY24 call. Revenue is marginally down for the year, EBITDA 3% lower at €1.6bn. Some of the underperformance in EBITDA is explained by
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Altice confirmed that 98% of creditors have supported the recent transaction which extended the maturities and partial writedown off outstanding debt. Pro-forma leverage now sits
Read MoreThe exit of Tullow from its Kenyan operations is confirmation that the equity story is dead. Tullow Oil have agreed heads of terms for 100% of its interests in Kenya for $120m, $40m of which is payable on completion and an additional $40m by June 2026 at
Read MoreThere is never a good time to lose senior management but with the industry in flux and a refinancing required for its Dec 2026 bonds, now is
Read MoreThe UK CMA is getting out of the way early as it hardly has a goat in the race. The competition watchdog is inviting comments on the SES/Intelsat merger by April 29th.
Read MoreThe Very Group announced yesterday that it will place £598m senior secured Notes with August 2027 maturity in early June, and proceeds to call the
Read MorePrada has agreed to buy Versace for $1.375bn or 1.3x LTM March 2024 LTM Revenue. Prada has at least benefitted from the tariff debacle, with
Read MoreA group of its main shareholders consisting of Invesco, Tresidor, Man Group and Napier Park is injecting an incremental £25m fungible with the existing
Read MoreAlthough the new Super Senior facility has given Kem One some liquidity, we maintain that without a recovery in the PVC market, liquidity will
Read MoreThe SSNs are turning the screw over the crumbs being offered to the current shareholders at Ardagh Group (AG) in the restructuring. Inevitably, the equity
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 roadblocks are falling one by one. Intrum’s settlement with the 2025 group has received US court approval. The company had
Read MoreOpening retail stores to capture more of the margin on shoes is logical. Nevertheless, virtually all of Birkenstock’s production is in
Read MoreAs tariffs continue to influence market dynamics, we've taken a comprehensive look across our coverage to highlight the names most likely to be affected. For full transparency, we've also included those that remain unaffected—it's just as important to understand where the impact isn't being felt.
The idea here is
Read MoreS&P view the reasonably generous offer to the SUNs as a distressed exchange and have lowered their rating to CCC-. We do not foresee
Read MoreThere are press reports that the company has hired Barclay’s to sell its Nordic business. The valuation of €730m that is circulating is
Read MoreThe deal is done. The New Bonds, amounting to only £280m and soon to be paid down to £275m, are to receive 9.874% coupon and will
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