Emeco noteholders have now committed to support its restructuring transaction, we provided a research update on Capitol Health, Fitch ratings revised outlook on Australia’s banking sector and the ACCC raises initial concerns regarding the PMP-IPMG merger
Capitol Health
On 20 December 2016, Capitol Health (CAJ) released a statement in response to the MYEFO announcements relating to diagnostic imaging (DI) services. Certain changes previously proposed for reducing bulk billing incentives for DI services have now been postponed to 1 July 2017, from the originally planned implementation date of 1 January 2017.
More information is available in our research update here.
Emeco
On 16 December 2016, Emeco announced that after continued discussions, noteholders who voted against the creditors’ scheme have now committed to support the transaction. On 3 January 2017 the company announced it had signed the revised restructuring agreement (RSA).
More information is available here.
Fitch Ratings
On 16 January 2017, Fitch Ratings revised the outlook on Australia’s banking sector to negative from stable. In its outlook report for the banking sector, Fitch stated that the change in sector outlook reflects an increase in macroeconomic risks and pressure on profit growth.
Fitch’s rating outlook for Australian banks remains stable.
More information is available here.
PMP
The Australian Competition and Consumer Commission (ACCC) has released a Statement of Issues expressing initial concerns about the proposed merger between print businesses PMP and IPMG.
More information is available here.