Branicks (DIC Asset) - comment

The covenant relief from bridge lenders gives Branicks some breathing space to reschedule its 2024 Promissory Note obligations. Timing is tight as the suspension of covenants expires on 27th March 2024. The real estate market remains weak, so we expect Branicks will be able to agree on an extension on Promissory Notes. However, the holders will want to drive a hard bargain whilst keeping the train on the tracks. The breathing space was expected, an agreement with Promissory note holders is what will move the bonds back up.

https://branicks.com/en/branicks-group-ag-branicks-group-ag-agreement-with-lenders-of-bridge-financing-on-provisional-suspension-of-certain-loan-conditions-and-payment-obligations/