The Q3 trading statement shows continued YTD operational improvement in 2025, but points to slowing growth in H2. Also, within
Read More
OHLA has requested that Moody’s cease covering it, leaving Fitch as the sole agency providing ratings on the company. The direct impact on
Read MoreThe contract wins in the US are positive, but ensuring the growth is profitable is another question. OHLA has given management at
Read MoreThe settlement of the Sidra litigation is a significant weight off OHLA. A potential liability of over €200 million has weighed heavily on OHLA since its
Read MoreGetting €45m of cash from Qatar (relating to the Metro contract) is a significant boost to liquidity. The Sidra has not yet been
Read MoreThe banks are not happy with governance at OHLA. The relationship between the Amodio brothers and their lenders has been poor, and the
Read MoreWe believe the Canalejas arbitration was always a price negotiation; the settlement should pave the way for the asset to be sold
Read MoreWe would not bet against OHLA getting the additional buy-in from minorities to make the 25% shortfall in its €50m capital raise when it
Read MoreBoard rows at OHLA are inevitable, given the large egos that have now bought into the company. The board does not need to be friends, but they do need to let the managers
Read MoreIf OHLA has secured the full €80m sought in its Rights Issue, this will increase the bond redemptions from €91m to €140m. We have been
Read MoreThe proceeds from the CHUM sale form part of the lock-up agreement with creditors, so the arrival of the cash is another step in
Read More
Over 50% of bondholders have already accepted the OHLA restructuring proposal. We expect bondholders to support the deal as the alternative is
Read MoreThe OHLA restructuring presentation contains no surprises. If the process is consensual, the deal will be completed in December. If the consensual deal fails, then
Read MoreThe latest news on OHLA is a step in the right direction, although there is still work to get a deal finalised. The Spanish export insurance company proposes to
Read MoreOHLA joining a consortium bidding for a Middle East infrastructure contract gives us a nasty case of déjà vu. OHLA is part of a consortium that
Read MoreWe are staying our course on OHL. We imagine the consent solicitation is going to get done - if not now then in a month - as PJT are private and the solicitation did not
Read MoreBondholders should hold out for a higher coupon. A coupon of 10% (rather than the 6% the company has proposed) offers a balance between risk and
Read MoreIf the latest iteration of the capital raise is completed, it is a positive for bondholders (and the Amodio family). However, nothing is over the finish
Read MoreIllinois failed to follow its laws in awarding a $323m contract to upgrade a Chicago Toll Road, and OHLA has been disadvantaged, but
Read More