{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Credit Lens: Europe & Beyond","title":"EP 21 | Grupo Antolin's Secret Filing and Thames Water's Golden Share","html":"","width":"100%","height":180,"duration":1744,"description":"A Spanish auto supplier quietly filed for insolvency without telling its bondholders. A UK utility is dangling a golden share at the government to fend off nationalization. Two of the messier situations in European credit right now, worked through in one episode.\nPhoebe Appenteng and Katie McMahon are joined by Rob Schach, managing editor, EMEA at Octus, to unpack Grupo Antolin's restructuring, from the banks-first deal that offered bondholders a 32.5% haircut (04:10) to the covert Spanish filing that bondholders only discovered through a Chapter 15 petition in the US (05:31). Rob walks through the Rule in Gibbs claim, the winding-up petitions, and where he thinks the leverage actually sits (06:16).\n\nThen Phoebe and Katie turn to Thames Water, the £20 billion cap stack, the London and Valley Water consortium's revised offer, and what a golden share modeled on Rolls Royce would actually mean (17:28). They close with a blind water taste test to identify which glass came from the Thames (21:19).\n----more----\nHosted by Phoebe Appenteng and Katie McMahon.\nGuest: Rob Schach, Managing Editor, EMEA, Octus.\nProduced by Charlie Hall.\nEdited by Fawaz Muhammed.\nA Production of The Octus Podcast Network","thumbnail_url":"https://img.transistorcdn.com/4zp4Q3QRuh8waouk_crEwm7yJrD45l826Dr-I_-WrXA/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS80MTM1/M2JjNDMxNzBhODMy/ZTIzNDY4NmNmNDQx/NWUxOC5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}