There is still $200 million in cash that the cooks already has a hand on. Paying themselves high salry and hire incompetent adviso.r to be benefited themselves. Petition to continue to operate. Whoever judge will grant it is insane or on its payroll.
Management proved to be incompetent and ask to continue. New owner or management should be in place to change course. The bondholder should take control of the company by exchanging debt to equity.
That is the most sensible decision a judge should make.
It is up to the debt holder now. It is either debt converted to equity or liquidation. I think the liquidation is the worst case seniaro since there is no bid.
It is more likely Quicksilver will take the swap its bonds to equity. The Bankline $275 million will stay plus the cash $200 million will give them half billion to stay.
It will be negotiated. When a contract is stayed it means it is no longer valid," Goncalves said in an interview.
Asked if a renegotiation could help to make Bloom Lake's assets more attractive to sell under the restructuring proceedings, he said: "This is the correct conclusion."
THe bondholder take over the company.
Or the major holder take this private.
Buyout from foreign company
Restructuring by issuing more capital.
Issue stock option and Glen backstop
Right now. who knopws
Will the bondholder agree with the amendment in covernant? There is no hedging in oil. The management is totally silent in it. Poor leadership! cut dividend again and again. Senior management salries and bonus should freeze. Listen to the CIBC presentation you will learn how weak it sounds. Compare it with MHR's 23rd presentation. you will see the difference.
PWe is going down below a dollar based on no hedging, poor management, high debt, continue low oil and gas price. What a shame. down from $10 to $1.46 in less than a year.
The long-anticipated move by Cliffs helps insulate the publicly listed U.S. parent company from the vast majority of the $650 million to $700 million in closure costs tied to its mothballed assets in Canada