Winding Up — When it rains it pours


Market Wrap

Winding Up — When it rains it pours

Chris Haffenden's avatar
Bianca Boorer's avatar
Denitsa Stoyanova, CFA's avatar
Emmet Mc Nally's avatar
Will Macadam's avatar
Nathan Mitchell's avatar
Max Frumes's avatar
  1. Chris Haffenden
  2. +Bianca Boorer
  3. + 5 more
6 min read

The working week may be one day poorer but there’s been plenty to keep 9fin’s European distressed team busy.

Unsurprisingly, French situations have generated a healthy amount of coverage over the last four days. AlticeFrance’s Machiavellian ultimatum with lenders and its impressive value leakage capacity has strained our best credit and legal minds. And Atos announced it had entered into a conciliation process with its creditors after months of speculation and anticipation on the part of investors and 9fin’s editorial team.

On the topic of leakage, Thames Water has edged closer to the brink of special administration after shareholders ruled out a £500m equity injection following feedback from UK water regulator Ofwat. Thames Water’s shareholders have put together a £3.25bn rescue plan for the beleaguered utility supplier but it hinges on Ofwat’s approval of a 40% price hike to customer bills for the next regulatory period (2025-2030).

We’ve also kept the ball rolling with coverage of Ardagh, Demire and Intrum.

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