Welcome to EURx. I see a lot of accounts on X doing great work covering US distressed, but Europe feels underserved; there’s a lot going on here, and we should be talking more about it. So let’s get to it. Here we’ll cover all things European restructuring, everything from LMEs and market chatter around stressed situations to actual filings straight from the court records: UK schemes and plans, StaRUG, WHOA, sauvegarde, and the European names that end up in US courts. Decks, deep dives and general distressed knowledge at eurestructuring dot com. Follow, comment, bookmark, tell me this is pointless… any feedback welcome ✌🏼

Aston Martin Q3: YTD rev £1,017m +38%, GM 35.2% Adj EBITDA £133m vs £7.7m LY Adj EBIT -£134m, FCF -£225m 🤮 Leverage 6.7x vs 12.8x post-July's £550m HPS dropdown Remains very tough one for bondholders… xitter.cf/WShak1/status/21153565…

What is going on in Rovensa? Portuguese agrichems biz owned by Bridgepoint and Partners Group B3/B- / €1bn+ +500 TL / 5x+ levered A €20m, one-line term loan bwic hit the market this week, now a €37m piece of RCF for sale Loans quoted in H70s, -20 ytd 🤔

Intrum bonds lower again this week. 2L ‘29s and ‘30s firmly in the mid to high 70s, ie down another few points from the end of last week… xitter.cf/EURestructuring/status…

Anthropic S-1 just hit. There goes my afternoon… *ANTHROPIC PUBLICLY FILES FOR NASDAQ IPO UNDER SYMBOL ‘ANT’

(A bit delayed, apologies) Top underperformers in European HY, week ending 23 October (wtd cash px moves): ADLFIN 10% 1.5L down 20+ !! 😨 DSPPHA (centrient) -10 STYRO -7ish INTRUM down 5-10 (any super snr RCF holders sweating?) ALTICE down another ~5 ZIGGO, FIBCOP down ~5

And now STYRO! Post earnings (they missed): Bonds down 4-5pts CDS 5 wider

And now Stellantis… Stock hit 52wk lows Perps are 3-6pts lower Cash bonds 10 wider STLA CDS 10 wider

Maybe he can also step in to support the European HY market BBC: Who is London’s mystery Batman doing good deeds?

Intrum is back. Just announced (weak) earnings, bonds are down at least 2-3 pts with call ongoing… restructuring part 2 incoming?

airBaltic's first monthly operating reports dropped: $7.1m cash at petition, $86.0m of DIP drawn, $52.1m spent. $20.7m net loss on $55.6m revenue. $47.6m of the outflow was emissions. $377.1m equity against $2.14bn liabilities. More on site (link in bio) xitter.cf/EURestructuring/status…