OHLA - comment

The withdrawal of the Atitlan offer is a negative for the bonds. Having been invited to talk to the board Atitlan chose to let the offer lapse; this is likely designed to put pressure on the OHLA board. OHLA now only has the Amodio family offer of €26m plus whatever cash they can source from other investors. This saga is not yet finished and we expect a few more iterations. The loss of the larger Atitlan cash injection would increase the odds of an Amend and Extend operation, but OHLA needs to get a move on. Credit investors ' patience is thin after the failure to deliver asset sales.

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