SBB - comment
SBB’s deal with Brookline could give it a chance of survival, but that decision will be with its lenders. If SBB can get a deal to sell the remaining 51% of EduCo (and the intercompany loan), the company could fund maturities to Jan-27. SBB would still be c65% levered against Sarria's valuations. Banks would be close to but inside their lending comfort ceiling. Avoiding restructuring would still depend on the banks agreeing to continue to roll their secured debt. The Swedish authorities will pressurise the banks not to create a situation where municipal assets are traded to the highest bidder, but there is no guarantee.