Accentro - comment
Getting a group of Bondholders to lend Accentro the money to pay coupons on their debt is a slight positive. The bondholder group would prefer a plan that does more than kick the can down the road, and that may require waiting until the 2023 accounts are finally published. If a loan is agreed upon but tied to properly restructuring Accentro’s debts, there may be some sense. The last two consensual agreements have been failures as they did not address the valuation hole of the eastern German residential portfolio. We think publishing the 2023 accounts with accurate asset valuations will prompt a StarRug process to restructure Accentro properly. Creditors can put a restructuring plan to the court in competition with the company.