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U2 sauerkraut, Achtung Baby LOL
"The 75% creditors thing is a given, surely?"
you think, as they are the biggest stakeholder, there's always the other alternative, the company defaults and they take it private.
How can we be sure some of the creditors aren’t holding out for more.
Iraq need to repay their oversupply with cuts starting ending of this month don’t they? $50 oil coming sooner than you think?
Some creditors probably expect assurance steps like this.
Don't call me Shirley
SK...means they've said yes but can still back out...i.e. haven't signed anything yet.
Kenni I think we all talking about same thing. I agree the title of the article...i.e. support for £325m capital raise is new news and is good news.
But the article still highlights that they still need to achieve 75% support of creditors of restructuring, yes this was know but it's also new news that it's not been achieved yet (or reiterating what is outstanding).
Lol kenni..You are mixing it here... just like coke with JD. enjoy the tipsy ride!
bit by bit to the goal
News that it was not crossed yet is known. New news is what it in the title. It is so hard really?
Kenni,
Pasting again here-
“ The company needs 75% of its creditors to agree to the restructuring plans, a threshold it has not yet reached, the source told Reuters on Thursday.”
Think today is Thursday and not old news!!
Pretty much what is in the title, rest is old news
Kenni,
I think you need to read the article again and go and lie down in a dark room to really understand what it actually means.
Info that creditors needs to agreed 75% is known for weeks, this is not what the news is about.... so why are you suddenly surprised about this? TD was taking about it already...
This article is about ~100% of 325mln$ only:
'Premier Oil has received indicative, non-binding support in excess of a targeted $325 million for a capital increase linked to a debt restructuring, a source with knowledge of the matter said.'
You will see one more RNS tomorrow on 75% agreement , to complete one piece of jigsaw left
kenniGT you're wrong ... just admit it.
I agree with you Pheonixy, Kenni sorry not sure what 100% you are one about. Still one piece of jigsaw left to complete and that is to get 75% of creditors to agree to restructuring. Earlier articles about a month back stated they had 35-40 of that support.
Kenni,
I go by what the Reuters article and the RNS of 20th August states. Guess you need to refresh your knowledge about the company here and know what you are investing in.
They haven't reached the 75% approval level from creditors, so until that's done you can't say the deal is done.
Not until that has been reached can they start the book building process. Without that approval they breach Covenants enforced bty lenders. They can cetainly speak with potential investor, but that's not the book buildiing process and it's certainy won't trigger the underwritten equity investment from debt holders.
And close 100% agreed... and that is the news.
Talking about 75% means you do not know what you investing in...
Kenni, not entirely sure what you mean here!
The article clearly says -
“ The company needs 75% of its creditors to agree to the restructuring plans, a threshold it has not yet reached, the source told Reuters on Thursday.”
I believe the restructuring plan means creditors (75%) need to agree to deferral of loan repayments.
Hi kenniGT,
you are 100% correct, done and dusted , move on, we can seeth jump SP starting tomorrow, also not added the oil price raise, tomorrow doubbbble bubbble , all short must cover , last chance.
Guys you are that thick? ;D
75% was known for weeks. They were looking for indicative 100% and this is what they achieved. That is good news.
Possibly with the indicative support for the capital raise the creditors required to reach the 75% threshold may materialise now, although I did expect it to happen the other way round.