Analysts and investors are questioning whether Etihad’s cooling relationship with Air Berlin could cause serious impairments to US$1.2b of bonds issued out of a special purpose vehicle linked to Etihad. Air Berlin’s bondholders are already prepared for major losses, after Etihad said it would not continue to support the struggling carrier and led the German group to file for insolvency protection. Air Berlin’s largest bond tumbled to just 5 cents on the euro Tuesday, a more than 70 cent fall that suggests that bondholders were blindsided by the move. Now pressure is growing on a debt at EA Partners, an Etihad-linked SPV that has exposure to Air Berlin, as well as Alitalia. Some analysts believe the notes have further to fall. <br/>