OHLA - comment

The appointment of PJT BY OHLA’s bondholders is the needed bucket of cold water for the board. We have spent years being told Mañana when it came to asset sales. Now management needs to find a way to pacify bondholders; this may require an injection of €150m. If the Amodio family don’t have the cash they could lose control of OHLA. Rejecting low bids for assets is no longer an option. Analysts (myself included) are being asked some awkward questions internally. The Amodio family were seen as the adults in the room here to sort out the Villa Mir mess yet they have not moved on.