OHLA - comment
If OHLA is out of cash, then how has this happened? The December restructuring left the company with nearly €100m in cash, so something is very off. The company is now looking for an additional €50m in equity capital, but in such a short time frame, getting it will be a challenge. OHLA could seek a bank bridge loan (as they did before with the Services Business). However, the banks have limited patience with OHLA and will be reluctant to bail the Amodio brothers out after the recent board turmoil.
The Canelejas stake and Services business is valued at around €240m, but If OHLA runs out of cash and enters a bankruptcy process, we would expect the company to try and use English law.