- (PLX AI) - PGS shares fell another 18%, piling on top of yesterday's nearly 60% losses, as analysts said the company will not be able to avoid debt restructuring.
- • Price target cut to NOK 0.5 from NOK 1 at SEB and to NOK 1 from NOK 2 at Danske, both with sell recommendations
- • A comprehensive debt restructuring will leave current shareholders with little but crumbs, SEB said
- • With little equity value left and all assets already pledged for the secured debt, we see no other alternatives: SEB
- • The need to address the refinancing became even more acute during the fourth quarter, bringing a risk of breaching covenants as soon as this quarter, Danske said
- • In a scenario of no debt extension, we believe all the equity is gone, Danske said