Steinhoff - comment

Tis done. The restructuring is complete - all the way to the next restructuring. Our analysis and model already reflect the new reality. The CVRs have been issued, but the debt remains outstanding. Instead the documentation foresees a solvent liquidation by June 2026, although the company has two one-year extension options. We think it’s a success, but the process has been so well managed that other than some reclassifications from SEAG A2s into B2.2s and virtually free CVRs there will be little impact on pricing today.