SBB - comment
Ilija Batljan’s trip to London to speak with investors underlines that SBB is not entirely in control of the process. That a sale of the whole business is now being considered shows that the lenders are at least nudging the process. The sale of some assets to provide liquidity to fund more maturities is not enough. A deleveraging disposal of a bunch of assets (e.g., the remaining Education company stake) will not convince investors without a commitment to reduce debt. A sale of the company to a more stable business, allied with some deleveraging, would be the preferred option for investors.