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  "documentTitle": "European Distressed Credit Watch List",
  "authorId": "AlvarezMarsal",
  "authorName": "Alvarez & Marsal",
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  "notes": "Includes a capital structure table and a 4-year financial summary table.",
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      "text": "Dec 15 - It was reported that N&W was sold to Lonestar for EUR650mn by its sponsors Equistone and Investcorp\nFeb 16 - Goldman Sachs began marketing a HY bond to back the Lonestar acquisition\nMar 16 - N&W begins paying down its outstanding borrowings.",
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      "text": "Net Debt / EBITDA: 3.6x",
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      "text": "N&W Global Vending S.p.A. designs, manufactures, and sells automatic snack and beverage vending machines for hotels, restaurants, cafés and offices.",
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      "kind": "source-note",
      "text": "Source: Capital IQ, Debtwire, Company website",
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      "text": "Financial Summary (EUR m) table showing Revenue, EBITDA, Net Income and margins for 2012-2015.",
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      "text": "Capital Structure (EUR m) table showing Short term debt, Long term debt, Total Debt, Cash, Net Debt, and ratios.",
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      "kind": "title",
      "text": "L. INDUSTRIAL PRODUCTS AND SERVICES – N&W GLOBAL VENDING SPA",
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      "evidence": "Aggregate table (p16) followed by 23 same-template issuer cases reads as Evidence A, B, C → pattern.",
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      "objective": "Stack 24 distressed-credit dossiers as cumulative evidence for the watch-list thesis.",
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