SARRIA LIVE MODEL
SARRIA ANALYSIS
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Intro, Capital and Legal Structure 15/09/2021

History and Discussion of Business 15/09/2021

Cashflows 15/09/2021

Investment Discussion 15/09/2021

SARRIA News - ATALIAN
Aengus McMahon
Atalian - comment
Aengus McMahon

The restructuring process has started. Atalian is working with a noteholder group representing more than 50% of the 2028 notes. With the

Aengus McMahon
Aengus McMahon
Atalian - comment
Aengus McMahon

We were surprised at the Atalian announcement yesterday. We did expect that another restructuring would be needed, but didn’t expect it to be quite so imminent. Clearly,

Aengus McMahon
Atalian – Time to move on - Positioning
Aengus McMahon
Atalian – Time to move on - Positioning
Aengus McMahon

Please find our unchanged analysis here.

We participated in the Amend and Extend operation for Atalian in March 2024, but the performance has been disappointing, and we are

Aengus McMahon
Aengus McMahon
Atalian - comment
Aengus McMahon

As long as Atalian has enough liquidity to get by, we expect management to hold out, but a potential sale to a competitor (even if

Aengus McMahon
Aengus McMahon
Atalian - comment
Aengus McMahon

The Marseille Metro contract is a microcosm of the problems Atalian faces in its French business. The previous cleaning company

Aengus McMahon