Vivion has proposed a bond exchange to extend its maturities. (Muddy Waters remains short Vivion bonds.) Oddly, Vivion has not published up to date financials, and based on pro forma adjustments in the Exchange Offering Memorandum, it appears that Vivion has repaid portions of its shareholder loans… more
Muddy Waters remains short bonds of Vivion Investments S.à r.l. Vivion’s December 22, 2022 response to our report contained numerous inaccuracies and misleading statements. Research we have conducted subsequent to Vivion’s response yields new evidence that Vivion systematically inflated the values o… more
Muddy Waters manages funds that are short the credit of Vivion Investments S.à.r.l. Vivion’s controlling shareholders, in our view, have used bond sale proceeds to unduly enrich themselves. Through a series of property transactions, Vivion’s controlling shareholders appear to have saddled the compan… more