This week has been a busy week for 2023 earnings, with Pfleiderer, Isabel Marant, Lowell and Vivion all reporting.

France is still the hot-bed of distressed activity. Restructuring proposals for Atos are due today, after the company announced at the start of the week that the French state plans to acquire strategic assets, and Altice France’s board has hired White & Case as more creditors jump on the co-op bandwagon.

Over in Germany Kloeckner Pentaplast has had to dispel rumours that it has hired advisors to tackle its 2026 maturities and clarified that it plans to pursue a regular refinancing. We take a look at the sponsor Strategic Value Partners options in an analysis piece.