I have seen nothing from the company. I must be the only long with this stock trading less than 5 cents.
I am surprised Bragg has not gotten debt holders to convert yet, and wipe out the common.
Bragg is desperately trying to convert debt, or has to sell a drillship. He may have to do both anyways. I am sure Bragg will give OGNC platinum at any rate they want, but I would be surprised to see OGNC use VTG as they are a going concern. If Bragg can book OGNC, then I am sure debtholders will convert.
What are the debtholders going to do with the ships?
Looking at the 10Q, VTG is done in its current form. I don't see how we don't BK, unless we somehow get Platinum busy and Titanium. Did you see Bragg is going to issue 45 million shares to leadership? Arbitration on PBR and Cobat are huge.
Can you believe no earnings call?
He needs to convert ASAP, or yes BK will happen soon. I think in 2016, all jackups idle, and only one drillship will be working. On the Platinum, Bragg needs to give that OGNC for whatever price they want.
VTG will not survive extend downturn of prices. Have to assume Bragg will try and convert a ton of debt here.
Did you see the Barrons article where I believe analysts are saying the offshore market is actually worse than believed? I don't get Barrons, but would love to understand the details from that article. Nobody is drilling at these rates.
They need to buy back the stock right now, and somehow survive. That is how it could get to $10. I don't think Bragg even buy back stock, probably the debt covenants restrict that.
I read that on a Atwood blog. Rates were 350K about 4-6 months ago, and I am sure have deteriorated at least a 100K from then. VTG needs luck right now.