Home Shopping Europe (HSE) - comment

We will be hosting a call on HSE24 on Tuesday 19th. Bondholders organising makes sense (as reported in Debtwire). The capital structure is not sustainable, but bondholders will want to find a way of enticing shareholders before the maturity in October 2026. A consensual and timely process could help reduce payable outflows and lower the fresh cash needed, but the shareholders may drive a hard bargain as they currently sit on a free option.