All good points 2ic - but I'm just not so sure the Lancashire...

All good points 2ic - but I'm just not so sure the Lancashire bank debt is non-recourse. "Project funding" doesn't automatically mean it's non-recourse.

It's normally trumpeted pretty loudly if it is. As far as I'm aware, GRD's been silent on it - suggesting there's at least a partial liability going back. Very happy to be proven wrong if anyone can link it back to a company announcement / annual report?

The project is 85% bank debt funded. I think the project partners 15% is ádvanced as subordinated debt, ie they have advanced funds which rank after the bank debt. These funds are certainly at risk from project performance.

All's not lost, but suggest silence is a stupid strategy. The market isn't silly and this market will punish any big information void. Far better to be open and honest and detail how they view the project performing in the new environment.