Galapagos - restructuring instead of coupon

All,

We would be extremely surprised the company paid coupon this month. Instead we expect advisors to come with a plan and commence restructuring net week. 

In anticipation, please find our revised and updated analysis and model here. 

We think the SSNs will receive a menu amounting to par, but we have not taken and are not taking a position in the name before seeing the plan. In the 80s, we don’t think the SSNs adequately compensate us for the risk and potential illiquidity that lies ahead, even if a consensual deal looks very likely. 

However, the plan may be attractive and hence our analysis to be prepared when it comes.

Wolfgang