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Enterprising Investor

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Re: Enterprising Investor post# 280

Friday, 08/26/2016 11:16:33 AM

Friday, August 26, 2016 11:16:33 AM

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TRT is invested in both equity and debt.

The Northern Oil & Gas 8% Senior Notes due 6/01/2020 are currently trading around 75 cents on the dollar.

Bondholders will play a key role in restructuring NOG. Within six months or so, I anticipate a debt-for-equity exchange offer.

Since TRT is being a very aggressive investor, a traditional bankruptcy is unlikely. There is an outside risk of a pre-packaged filing, but it would be more expensive in the long run than completing an exchange offer.

"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International

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