The restructuring is finally getting done with enough backing to implement the deal under the bond documentation. The deal now includes
Read MoreIt’s another early bird extension to Friday morning 10 am. Consent can’t be far off anymore, but we are not fans of the deal.
Read MoreThe company has again extended its early bird deadline, now to 10am tomorrow. The short second extension would suggest the company is
Read More50% sign-up to the restructuring plan is still a long way off. Initial levels at Intrum have been similar, but Intrum got a big boost when the 2024s rolled
Read MoreWithout another Balance Sheet Velocity (asset sale/layering) transaction, Cash EBITDA leverage is naturally creeping up. However, we have not been
Read MoreBeing a slow-moving underlying business, quarterly figures did not deviate far from projections, which themselves were closely guided already. The call did
Read MoreIt’s been coming. Lowell and its bondholders have picked GS+PJT and PWP respectively. As per our previous stance, Lowell is the far
Read MoreCompared to Intrum, Lowell is a far simpler company with less geographical diversification and only a small servicing business that won’t
Read MoreWe understand the company has hired GS to advise on its balance sheet. The choice of advisors is remarkable as we believe GS to have
Read MoreLast week, we had the Q1 call without the financials. Those, management promised, would be signed the same day. As of this
Read MoreLooks like we have to engage with management to get us white-listed again. We were again culled from the Q&A. The quarter offered little
Read MoreHave we had an epiphany, or are we going mad? For the first time, we’ve been culled from the Q&A - a signal that management are more nervous about the refinancing
Read MoreIquera hired advisors yesterday - the bonds tanked some 30 points. We don’t know the company all that well yet, but it's been engaged in ABS transactions in
Read MoreAnd here it is: Lowell’s bragging slide this morning shows Pro Forma Cash EBITDA Leverage of 2.7x. Even collections are presented in a positive
Read MoreCollections held up (did not deteriorate further - in contrast to Intrum) and the company underspent on new portfolios (even relative to our model), sweating its
Read MoreThe company did not execute another portfolio offloading transaction during Q323 but has signaled that it is in the process of negotiating more
Read MoreToday’s UK’ economic headlines are dominated by the drop in Retail sales, the lowest since February 2021, impacted by lower fuel consumption and
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