Antolin - comment

Ceasefire at Antolin. A SteerCo that was willing to let winding-up petitions run, litigate the ICA in the English High Court and press ahead with a Chapter 15 recognition hearing next week has leverage. The standstill does not surrender any of that. A two-week pause, with provisional Chapter 15 relief continuing in full, with the ICA litigation merely paused and the petitions only withdrawn "for the duration," merely lifts the lid on the kettle. Spanish courts are closed anyway. We consider the two sides too far apart to assign any chance of resolution within the next two weeks, but the matter has a little bit of time, and now that the company has bondholders fighting uphill, the standstill could be extended.