Following comments we have received, we have updated our figures in line with the latest preliminary figures the company has released within the

Yesterday’s deal sees the family take 15% instead of a high single-digit number as we previously thought. For reasons we’ve previously outlined, we think that

The CoCom has agreed to postpone the implementation deadline under the LUA to April 13th as the lapses of the Bridge maturity yesterday provides the

Please find our slightly updated analysis of Frigoglass here.

As the final execution details are being agreed, one last item sticks out: What share should the family hold? The bond’s structural strength from their

Bondholders have funded another €10m of the bridge as their hand is forced prior to completion. Like with the last

In a slight reshuffle of steps, we are seeing Frigoglass tap €10m of Super Sr. Bridge Notes before issuing the New Super Sr. Notes that are then supposed to refinance the bridge. It’ll mean a

Please find our updated analysis of Frigoglass here.

Now that the company is finally restructuring, the opportunity is no longer what we believed it to be earlier in the year. Even though the deal that the Ad-Hoc group has achieved is better than we had anticipated - a clean-cut 100% of equity, the situation

The company has published the results of its complex restructuring negotiations and we are a little bit surprised that the family has not managed to or chosen to remain in control

S&P have downgraded Frigoglass to CC, Outlook Negative in anticipation of the

Please see our updated model of Frigoglass here.

We had been looking forward to this date, when fresh cash would be injected to help pay for the new Romanian plant and when the ebbing of the ICM season would reduce the company’s heavy dependency on its Russian operation. As it happened however,

The most important statement in the Q222 material we have received so far is that the reconstruction of the Romanian facility remains on track for Q123. This timing would

Please find our updated analysis here.

So far so good. Advisors are in place, some Romanian operations reduce the risk from Q4, insurance companies have been reasonable (so far) and the Russian borders are still open (so far). Never mind inflation. With the bonds in the 50s and events unfolding, what are the risks and rewards now? What are the scenarios and when we put it all together, do the bonds have a place in our portfolio?

The 6th sanction package passed by the EU is causing trouble at the Lithuanian border where Russian Steel is no longer allowed to pass from Kaliningrad to

Q1 results today show an ICM division with EBITDA “stabilising” just above zero and a Glass division making up for half the drop. More importantly, however, the company has engaged advisors to “review financial and strategic options to improve the capital structure”. Whatever that means…

The material released so far contain a page worth of words regarding the Russian situation and two lines in particular reading cryptically: "Following the