Please find our slightly amended analysis here. 

According to press reports, HSE24 is now talking to its creditors. We do not think an A&E operation that doesn’t reduce debt at HSE 24 will fix the balance sheet. The sooner this

Read More

If the company has appointed advisors, this is positive for bondholders. The sooner the debt is restructured, the better. There is little point in the company waiting until

Read More

Please find our slightly amended analysis here.

Weak consumer confidence in Germany continues to crimp customer numbers. Operationally, HSE is performing in line with our projections, whilst new

Read More

We will be hosting a call on HSE24 on Tuesday 19th. Bondholders organising makes sense (as reported in Debtwire). The capital structure is no

Read More

Please find our new analysis here.

HSE suffers from an ageing customer base and an economy (Germany) with weak consumer confidence, but the business still generates cash, and the

Read More