Spain-based KronosNet Topco S.L.’s (Konecta) subsidiary KronosNet CX Bidco 2022 S.L. has signed a forbearance agreement (valid until Dec. 18, 2026) with its debtholders to defer its interest payment due Oct. 26, 2026 until its senior secured €945 million term loan B (TLB) matures in October 2029 as well as to defer interest payments on its €200 million senior secured revolving credit facility (RCF), which matures in April 2029. Under S&P Global Ratings'criteria, we view this deferral as tantamount to a default, as the payment delay exceeds the grace period of 30 calendar days. Konecta recently hired advisors to address its capital structure ahead of upcoming maturities, which we think could entail debt restructuring negotiations. The discussions follow several
