Frigoglass - comment

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 materially decouple the group’s fate from the Russian campaign in the Ukraine. Fresh cash of €30m seems a tolerable number in the context of the company’s travails. While liquidity may be limited in a small bond with as much distress, we have been signalling in summer that this would be a good time to look again at Frigoglass.