Oriflame Bonds Fall Further Into Distress as Profit Slides 84% [BNN Bloomberg (Canada)]
Moelis & Company Class A (MC)
Last moelis & company class a earnings: 4/22 04:15 pm
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Source: BNN Bloomberg
profit, with some bondholders consulting investment bank Moelis & Co. to assess their options. Its $550 million notes due in 2026 lost nearly 3 cents on the dollar to 26 cents by 3 p.m. London time, according to pricing compiled by Bloomberg. Oriflame, which sells beauty and personal care products directly to consumers online, on Wednesday posted adjusted Ebitda of €6.2 million ($6.7 million) for the fourth quarter, an 84% drop from the previous year. The weaker performance comes as Oriflame has been struggling with rising inflation and the impact of the war in Ukraine, due to the company's exposure to the Russian market. It also had to undergo an organizational restructuring involving 20% of the workforce. As a consequence, Oriflame's notes have been losing ground and are now trading at about a quarter of their face value. Funds with a focus on special situations have been scooping up the securities as their price dropped. Some of them, including Blantyre Capital Ltd., have eng
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- 4/24/24 - Beat
MC
Sec Filings
- 4/29/24 - Form 4
- 4/25/24 - Form DEFA14A
- 4/25/24 - Form DEF
- MC's page on the SEC website