Adler - comment

So the refinancing of the convertibles and Schuldscheine won’t be by additional PIK but by a new 1.5 lien piece. We alluded to that kind of tranching being the obvious solution. 21% PIK are a great idea, but that will be useless if you get restructured at maturity - crammed down x-class, or even within your own bond, because some of the X-holders may have had to pick up the slag and see their returns elsewhere in the structure. Unless we knew who we are in the structure with and would be positive that we can enforce on our own, no matter what 2025 brings, we would pass on this paper. Nice carrot though.