2325 GMT - For engineering contractor NRW Holdings, there's a gaping hole of A$106 million from the newly insolvent OneSteel. That prompts Citi to attach a high risk caveat to its buy call on NRW's stock. "NRW appears cautiously optimistic around a range of options available but until there is improved clarity, this is likely to remain an overhang dampening market sentiment," analyst William Park says. Creditors' meetings have only just begun and there are likely to be many before a resolution is reached. "So we think NRW's position, apart from a guarantee and first ranking security, is likely to remain opaque for some time," Citi says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
March 03, 2025 18:25 ET (23:25 GMT)
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