Reorg Radio Europe: Pizza Express Waterfall; Matalan Recapitalization; Metalcorp Facing Default

Each episode of Reorg’s weekly EMEA Core Credit podcast series features detailed discussion on issues and companies across the credit lifecycle. This week’s podcast includes discussion of:

-U.K.-based casual dining chain Pizza Express’ waterfall model;
-U.K. value retail group Matalan, its strategic sales process, the terms of its debt recapitalization;
The company said on Sept. 26 that it has agreed with a majority of its first lien secured noteholders on the key terms of a comprehensive recapitalization of its debt, and the board has initiated a strategic sales process.
-Luxembourg-headquartered metals and mining group Metalcorp facing default;
Metalcorp’s 8.5% notes due 2026 are quoted at 45 today after a turbulent week for the Luxembourg-based metals and mining group, in which the bonds dropped to the low-20s from about 79 on Monday. The company hosted a noteholder call yesterday after announcing at the beginning of the week that it was unable to pay the outstanding principal amount under its 2022 bonds.
-A roundup of the latest from the European primary market.

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