Mobico - our quotes on Debtwire and Bloomberg

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This week, Sarria’s quotes were featured in Debtwire and Bloomberg:

[Debtwire] “In a wide-ranging Mobico webinar discussion, independent special situations desk Sarria noted Spanish ALSA operations were carrying the company with the UK franchising contract model shift being a margin rather than a revenue issue. While the German operations are suffering, the public focus on Deutsche Bahn’s half year earnings could help. Ultimately, Sarria noted Mobico is a GBP 1.8bn enterprise value business, albeit with debt carrying capacity covering only 83% of senior secured debt (gross), while a sale of ALSA could cover the entire debt stack. Perpetual noteholders could ask for cash to amend and extend and SUNs may accept some leakage if it addressed the perpetual note maturity problem, Sarria stated.”

[Bloomberg] ”The company’s Spanish division alone would be enough to pay off its debt, according to Wolfgang Felix, founder of credit research firm Sarria.”