Careful HB " This may be the reason for XEL to try to employ heavy hitters on the legal side, but that also could be to do with structure of any possible HMG guarantees and/or surety to the Bondholders going forward."
You're entering Legend territory. I think it is a possibility. HMG acting as a guarantor. Not such a big leap from 'export credit guarantees' to what you suggest.
Of course conversely this closing in date for the Bonds repayment, with the codicil attached, could act as a disincentive to prospective partners particulrly with the FDP not yet in place. Why pay money if in a month's time you find XEL becomes more or less a shell with the main field up for auction by it's new owners.
I agree, OGA want this project and presumably the surrounding in Quad 9 to succeed.
They have had an input to XEL's lease extension and would very definitely have input if the Bondholders were to consider taking over and trying to market the Bentley lease away from XER. I think the financial cost to XER of what has been done, at DECC insistence also, has a bearing on their thought process re backing to XER. So advice to Bondholders (assuming the is no late show to repay) probably is get your pound of flesh but be reasonable, at least until the current negotiations have run their course in view of the complexity of same. And as mentioned with equity they do have skin in the game already.
The interesting thing will be to see just who they may represent, and whether there is any pressure from anyone in Big Oil to buy out the Bonds, with the codicil that currently comes with it. This may be the reason for XEL to try to employ heavy hitters on the legal side, but that also could be to do with structure of any possible HMG guarantees and/or surety to the Bondholders going forward.
Some of the posts on here and iii from various posters over the last couple of days have been quality whilst the neg brigades musings are sounding more and more ridiculous. Strato on iii being the most recent, he thinks Bondholders have a gun to Xcite's head..lmfao..for the record there isn't the slightest chance that is happening unless the bondholders want to commit corporate suicide... If you pick a fight with a proxy for the UK government you'll always lose.
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