After a successful exit in August 2021 we never again took up coverage of the name. Wedged between two commodity markets, the Italian test liner and

Last time we checked, the bonds had largely traded and had become illiquid. The name, therefore, has been on the shelf for a while now, but we are

The Dec. 2024 bonds are down massively since the company announced it would halt production. Since the various sr. sec. facilities have been largely

We are no longer covering ProGest, but the company has interesting headlines for all of Europe today. The North Italian paper manufacturer has halted production across

Please find our unchanged analysis of Pro-Gest here.

Among the widening commodity margins and increased Mantova production, there is little to be critical about, except perhaps the

Please refer to our unchanged analysis here.

Pro-Gest was one of our favourite trades last year as it was one of the rare fundamental stories unrelated to the pandemic. Now thaT

Please refer to our unchanged analysis here.

As good as it was, we are nearing the end of our investment thesis. Pro-Gest has been one of the rare fundamental trades this year that was not primarily related to Covid-19. With the

Please refer to our unchanged analysis here.

The first leg of the refinancing is coming.

As we previously wrote, Credit Suisse had been looking to find investors for

Please find our updated analysis here.

While we have news that the Italian container board and corrugated markets are stable, they are so on a lower level than a year ago. We therefore see

Please refer to our unchanged analysis here.

Its good news, even if since our mail on the firing-up of the power plant 3 weeks ago, the start-up of the production line was largely a foregone conclusion.

Expenses: We estimate that

Please refer to our unchanged analysis here.

Pro-Gest have started up the power plant of the Mantova mill, the latest sign that production is ultimately due to begin. The plant will likely take

Please find our updated analysis of Pro-Gest here.

Montova:

Police last Friday removed the last seals from the purifier and north facade - following the lifting of

Further to our mail on Friday, please find our updated analysis on Pro-Gest here.

Having modelled the vertically integrated operations by stage, we have gained a feeling for the

Having modelled the operation in apparently more detail than management believe they have disclosed, we have been increasingly constructive

Pro-Gest figures were well guided for only a few weeks ago and we are still lacking the presentation, which generally holds some vital data for us.

YoY P&L figures may look

Pro-Gest had a super strong call.

Conclusion: We expect Pro Gest to hold on to most of their

Below is an account of each of the names we follow and have begun work on in the context of Covid19 and Oil prices. Several names stand out as having become either uninvestible or outright attractive - already now.

Pro-Gest are reporting the successful completion of today’s last two bondholder meetings wrt. to waivers we have previously described here.

Thus far therefore the company have

Even if a positive resolution has become somewhat more likely before the political back-drop of regional elections in the summer, the situation

Pro-Gest did not see their request granted to extend the amortisation period for the fine from 20

Eventful times in Montova:

On the positive:

- Pro-Gest have signalled

The company has requested waivers from its 2020, 2021 and 2022 bonds and called for a meeting at the end of the month. 

In theory the

here may be a trade to do in Pro-Gest, but we are not sure we’ll get involved in any material size. Our analysis remains unchanged here.

We have been - and remain somewhat - weary of the

Please fid our analysis on ProGest here.

The situation is complex and at best interesting from an asset deal perspective, possibly in connection with