EP 09 | Merlin’s Debt Rollercoaster and Ukraine’s Corporate Resilience

Merlin Entertainments might be best known for Legoland and Madame Tussauds, but at 00:00:17, the magic starts to fade. Phoebe Appenteng and Katie McMahon unpack how a 2027 refinancing, falling EBITDA, and a triple C downgrade have turned the world’s second-largest theme park group into a test of financial creativity. By 00:06:55, the sale of Lego Discovery Centres to part-owner Kirkbi raises questions about whether the move was strategic or simply a lifeline.

At 00:07:04, Octus Senior Editor Magnus Scherman joins from Kyiv to discuss how Ukrainian companies are staying solvent through the war. From Ukrainian Railways to Metinvest, he explains how these businesses have continued servicing debt while managing destroyed assets, governance challenges, and limited funding options. By 00:12:01, he details the sudden firing and reinstatement of Ukraine Agro’s management team and what it means for investor confidence.

By 00:15:00, the focus shifts to Metinvest’s struggle to rebuild after losing key mines and paying large dividends during wartime. Phoebe, Katie, and Magnus explore what resilience looks like when every balance sheet reflects both survival and strategy.

At 00:20:09, the team closes with a quick round of Guess the Credit, covering everything from First Brands’ bankruptcy to France’s political upheaval and the rise of private credit money chasing higher yields. By 00:25:27, they wrap with a look ahead to the Octus London Credit Forum on October 23 and a reminder that even in quieter markets, credit never stands still.

Hosts: Phoebe Appenteng and Katie McMahon Guest: Magnus Scherman Producer: Tanya Hubbard Network: Octus Podcast Network