“Recovery rates likely lower in Europe but widely dispersed. Focus on absence of maintenance tests is ‘simplistic’” – by Ruth McGavin
Distressed
Greek jeweller Folli unveils restructuring plan, CEO steps down (Reuters)
“Greek jewellery maker Folli Follie will seek creditor approval for a planned overhaul of the business, it said on Tuesday after announcing the resignation of the troubled company’s CEO.”
Polish banks under pressure as GetBack scandal casts long shadow (Euromoney)
“Six months after Polish debt collector GetBack went into default, shockwaves from the event continue to shake the country’s financial sector.”
Croatia’s cash-strapped Uljanik Group has one month to find solution. (SeeNews)
The situation in Croatia’s financially constrained shipbuilding group Uljanik is dramatic as the company finances are reaching a low point, the chairman of its management board, Gianni Rossanda, said. Uljanik has a month to find a solution.
Too many life insurers still caught in interest-rate trap (Handelsblatt)
According to a recent report by the finance ministry, 34 life insurers – about 40 percent of the country’s total – are under special scrutiny by BaFin, Germany’s financial supervisory authority.
North Sea supply chain needs oil firms to increase activity quickly (The Herald Scotland)
Some investors who were long O&G after the downturn are cautiously enjoying returns as majors report profitable earnings on trimmed operations (e.g. BP, Shell, Total, Equinor, ConocoPhillips). “BP stoked interest in the exploration potential of the North Sea in January when it announced it had made two finds and said it expected to double production […]
Tycoon’s Sputtering Italian Bank Investment Draws Angst From ECB (Bloomberg)
Italian banks, such as Carige, continue to complicate the ECB’s attempts to put the European banking crisis in the past.