Accentro - comment
It isn’t a surprise that the single holder of the 2029 bond has agreed not to enforce the upcoming leverage breach before 14th July. An extension will require that the 2029 bonds are treated equally with the 2026 bonds. A group of 2026 bondholders (42% of the bonds) is already awaiting a restructuring solution and third-party assurances that Accentro will meet the obligations it has already agreed with bondholders. However, enforcement against Accentro would force a liquidation, so is very unlikely.