HAYA - Sarria Daily Comments

It appears that PJT have been appointed to represent bondholders in negotiations with the Company in relation to the upcoming Nov. 22 bond maturity. We expect the bond coupon - later this month - to be paid, given the ample cash balances on the Company’s balance sheet. Negotiations appear to be moving away from a full restructuring, to a refinancing, but we still expect an Amend and Extend to be the most likely outcome given the uncertainty surrounding the Sareb contract extensions.