Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Find out more about what we do for distressed here.

Another week, another group of creditors sign a co-op agreement to stymie the efforts of an issuer hoping to pull off some kind liability management exercise. Oriflame has the honour of causing Europe’s sixth co-operation agreement to come into effect, as creditors baulked at its decision to designate four of its subsidiaries as unrestricted for the purposes of raising new debt.

We don’t have much information about Oriflame’s newly designated subsidiaries other than that gleaned from regulatory filings (the quality of which varies) and the function of each business. Two of the designated subsidiaries are responsible for producing Oriflame’s cosmetics and also manufacture products for third parties while the other entities, the IT business that manages Oriflame’s e-commerce platform and Oriflame’s Swiss business, are less viable as independent businesses.