Intralot - Company for free

All,

Please find our update analysis on Intralot here.

The process is slow moving for a variety of reasons. The company is burning cash before interest, but only to a limited extent. So there is time and certainly the liquidity to take a little longer. Also, once bondholders receive more information / a proposal from the company / Evercore, they will have to fight it out between themselves. 

Nevertheless, there is value at these levels - supposing not another grand collapse destroys even more value, but then there are increasingly fewer contracts remaining to be exposed to such risks…

We are holding on to our 24s at these values where they trade at cash value - with the company coming for free. 

Wolfgang