Intralot - ASAP

All,

If Evercore ‘ever' had a plan at the start of their engagement, that is surely out the door by now. Nevertheless, the company made an interesting comment during the Q&A this week. Apparently the disruption from Covid 19 this year will be on the lighter end of guidance. 

In the 20s and 30s, the bonds are trading well below the sum of the parts, which is just as well, as confidence in the company’s ability to hold on to any of its contracts is running at an all time low. We are also struggling. But with few renewals coming up, the forthcoming restructuring should be mostly a matter of arithmetic and any agreement between the 21s and the 24s, the latter holding a blocking position in the former. 

Another interesting comment was that the company is looking forward to approaching bondholders ASAP, which is probably still months away, given any sensible plan will require some visibility.

We are holding on to our position.

Wolfgang