Report
Maxeda : Restructuring set to reduce leverage but with little impact on interest expense
Maxeda has announced a debt restructuring plan, putting an end to months of speculation over the company’s ability to refinance its debt.The plan primarily involves a material reduction of the outstanding debt (SSN due 2026) and its amendment, but also includes a partial cash payment, solely for noteholders who accede to the Framework Agreement by 13-Feb-26, thanks to a capital injection from GoldenTree, which came as a welcome surprise. It also includes an equity swap for the remaining SSN claim.
An ad hoc group of bondholders representing 69% of the aggregate principal amount outstanding of the SSN due 2026 has entered into a framework agreement, which means that the plan will most likely be approved, as the two-thirds majority ultimately required in the event of insolvency proceedings has already been exceeded.
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Anne-Barbara Nicco
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