AS Adventure Restructuring Analysis, Next Big Equity Play?

As the AS Adventure restructuring process continues hedge funds are starting to look at the company as the next big equity play. When the pandemic hit, the Benelux-based outdoor sports clothing and equipment retailer was fearful for their liquidity, but their restructuring process has been fruitful, making the restructured loans interesting for investors. The company’s June ‘21 recurring EBITDA is up more than 60% when compared to their levels in June ‘19 and their base-case implied equity value is estimated at €210M with LTV of 49%. As part of the AS Adventure restructuring, 50% of the company’s equity was stapled to the re-instated loans and the paper is quoted at around 70. 

To read our full analysis on the AS Adventure restructuring as well as our predictions on how the summer surge and the future of the restructuring process will impact the company’s equity click through here and request a trial: https://reorg.com/as-adventure-equity/