We upgrade NOGLN 22s and 25s to Hold on as we expect recovery to be at least at the level implied by current bond prices
No hope for the upstream; GTU-3 will be the cornerstone of debt restructuring
We evaluate two scenarios: Transition to midstream on the basis of GTU-3 and liquidation
You can read this report by subscribing to a Starter or Pro plan today.
Already have an account? Log in
This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.