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Octus on Credit: Distressed market update – Ardagh, Graanul, Pro-Gest and more…
Chiara Elisei, Chief Credit Correspondent
Contrary to expectations following a quieter start to the year, the European distressed market surged back to life in the second half of July. Several high-profile issuers—including Ardagh, Graanul, Pro-Gest, Selecta, and Victoria—moved quickly to secure deals with creditors, making meaningful progress on long-running liability management efforts. In many cases, these issuers reached preliminary agreements to restructure or amend-and-extend their debt after prolonged periods of stalled negotiations.
While momentum has clearly picked up, the outlook remains complex. The fine print still matters: several deals could face last-minute setbacks—or, increasingly, post-closing litigation.
As we head into September, we expect continued activity around these transactions, with market participants closely watching for potential challenges to LMEs and other aggressive deal structures.
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