Haya restructuring - still seeking value

Please find our updated analysis on Haya here.

We have re-examined our analysis of Haya as the Scheme convening hearing is due on the 9th May, and subsequently the creditors meeting end of the month. Over 95% of bondholder consent suggests that

Tomás Mannion6 May 2022HAYA

Haya - comment

Haya has reached another milestone on their path through restructuring, with 84.44% of bondholders signing the lock-up agreement. Note, the Adhoc committee accounts for

Tomás Mannion28 March 2022HAYA

Haya - comment

Haya confirmed this morning that Sareb has not selected Haya as a service provider going forward and their contract will

Tomás Mannion25 February 2022HAYA

Haya - Balance sheet fixed, but what about the business?

Please find our unchanged analysis here.

The proposed amend and extend achieved by bondholders is in line with our best-case scenario and significantly better than the rumoured deal circulating in

Tomás Mannion21 February 2022HAYA

Haya - Reality of bargaining power confirmed

Please find our unchanged analysis here.

Bondholders have a decision to make as Cinco Dias claim a Haya deal has been reached. Details are not finalised but appear to be

Tomás Mannion25 January 2022HAYA

Haya - Comments

Although the Company has not confirmed, it appears that Unicaja bank has terminated Haya’s contract with Liberbank. Press reports state that

Tomás Mannion6 January 2022HAYA

Haya - Comments

S&P have downgraded Haya from CCC+ to CCC- negative outlook. Given the uncertainty surrounding the Sareb contract this is

Tomás Mannion3 December 2021HAYA

Haya - Stuck in no man's land

We have updated our model here.

Haya’s quarterly numbers are a distraction from the main issue - retention of the Sareb contract - which we should

Tomás Mannion30 November 2021HAYA

HAYA - Sarria Daily Comments

It appears that PJT have been appointed to represent bondholders in negotiations with the Company in relation to the upcoming

Tomás Mannion11 November 2021HAYA

Haya - the timing of it

Please find our updated model here.

Has anything changed? While the timeframe surrounding the resolution of the Sareb contract has been extended, the fundamentals

Tomás Mannion30 July 2021HAYA

HAYA: Left Pocket to right pocket.

Please find our unchanged model here.

While the shareholder's purchase of a portfolio of real estate assets from Cajamar marks the first significant portfolio transaction in the

Tomás Mannion13 July 2021HAYA

Haya - The long, the short and the shrinking

Please find our initiation on Haya here.

As with several High Yield companies, LTM EBITDA levels are not representative of the underlying business. But with uncertainty over three portfolios, including

Tomás Mannion9 July 2021HAYA