Accentro - comment
Accentro has persuaded 42% of bondholders to agree not to enforce the upcoming debt covenant breach. Enforcement would require support from 25% of bondholders. The resultant liquidation would hurt everyone. Creditors are putting pressure on Accentro; the No Action letter from bondholders requires the company to prepare yet another restructuring. The letter expires on 14th July, but experience tells us Accentro will not forge an agreement until the last minute.