{
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  "docSlug": "444c2570e8f0ee01",
  "documentTitle": "European Distressed Credit Watch List",
  "authorId": "AlvarezMarsal",
  "authorName": "Alvarez & Marsal",
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  "sourceTypeSlug": "strategy_consulting",
  "sourceTypeLabel": "Strategy consulting",
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  "pageNumber": 23,
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  "slideType": "case_study",
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  "notes": "Slide provides a snapshot of a company in financial distress, detailing debt restructuring events and key financial metrics.",
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      "text": "- Dec 15 - hedge funds (Goldentree, Castle Hill, Centerbridge and Fortress) holding the HoldCo PIK Notes appointed Houlihan Lokey as financial adviser and Quinn Emmanuel and Schulte Roth & Zabel as legal advisers\n- Feb 16 - Eco-Bat downgraded to B2 with a negative outlook by Moodys\n- Mar 16 - S&P revised its outlook from stable to negative on the expectation that Eco-Bat's parent will default on the PIK notes which will lead to a restructuring that may negatively affect the company\n- Jul 16 - 98% of claimants on the Holdco PIK loan due in 2017 voted in favour of unwinding the structure. The notes are expected to be exchanged for a pro-rata participation rights in the PIK loan issued by EB Holdings II",
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      "kind": "metric",
      "text": "Net Debt / EBITDA: 13.9x",
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      "subkind": "primary",
      "toolName": "Quantification",
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      "componentId": "019dd951-a674-768f-a07c-58df37b8aeea",
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      "kind": "paragraph",
      "text": "Eco-Bat Technologies, through its subsidiaries, engages in the production and sale of recycled and primary lead. It is also involved in financing and mineral extraction activities, as well as operates as an importer, stockist, and distributor of batteries for the auto, leisure, marine, and electric vehicle sectors. Eco-Bat Technologies Limited offers its products to automotive and industrial lead-acid battery manufacturers, chemical producers, and lead fabricators. It has operations in the United States, Germany, the United Kingdom, France, Italy, Austria, and South Africa. The company is headquartered in Matlock, United Kingdom. Eco-Bat Technologies Limited is a subsidiary of EB Holdings, Inc.",
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      },
      "kind": "source-note",
      "text": "Source: Capital IQ, Debtwire, Company website",
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      "kind": "table",
      "text": "Financial Summary (GBP m)",
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      "kind": "table",
      "text": "Capital Structure (GBP m)1",
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      "kind": "title",
      "text": "F. INDUSTRIAL PRODUCTS AND SERVICES – ECO-BAT TECHNOLOGIES",
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      "componentId": "e20b6211-e0ea-42f5-b745-0c4be632f944",
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  "metrics": [
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      "metricRaw": "Net Debt / EBITDA",
      "numberRaw": "13.9x",
      "numberKind": "multiplier",
      "actionTitle": null,
      "calloutText": null,
      "numberScale": null,
      "numberValue": 13.9,
      "metricFamily": "margin_return",
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  "tools": [
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      "name": "Gestalt Principles",
      "slug": "gestalt-principles",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019dd95a-1055-74e0-a962-433c861e02cb",
      "evidence": "Same 4-quadrant case-study template.",
      "confidence": 82
    },
    {
      "name": "Law of Proximity",
      "slug": "law-of-proximity",
      "agent": "Designer",
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      "evidence": "Quadrant grouping repeats template.",
      "confidence": 78
    },
    {
      "name": "Visual Hierarchy",
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      "agent": "Designer",
      "layer": "slide",
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      "evidence": "Header bars > content.",
      "confidence": 75
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      "from": 17,
      "beatId": "019dd95a-0682-776c-8e36-7d201575a6df",
      "arcName": "The Onion",
      "arcSlug": "onion",
      "beatName": "Core Insight",
      "beatSlug": "onion-core-insight",
      "evidence": "23 issuer-level case studies on a uniform 4-quadrant template.",
      "position": 4,
      "confidence": 78,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
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    {
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      "beatId": "019dd95a-0682-776c-8e36-92975c768eca",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "Per-issuer dossiers with capital structure and situation.",
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      "confidence": 55,
      "parentBeatName": "Evidence",
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  "loops": [
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      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "019dd95a-07fe-70ce-8d3f-26e0d0a94f1a",
      "evidence": "Aggregate table (p16) followed by 23 same-template issuer cases reads as Evidence A, B, C → pattern.",
      "position": 3,
      "objective": "Stack 24 distressed-credit dossiers as cumulative evidence for the watch-list thesis.",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 84,
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}