Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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@Heardy
Brilliant manipulation - Ba$%^ds
They just can't lose.
Working the rules indeed.
Agreed with your views
@HK85
Many thanks indeed for this info.
Cheers
I would expect CDSs to have been bought here as an insurance hedge in this type of situation. Financial engineering best used by Dr Burry etc in sub-prime. Yes indeed, popcorn at the ready. Quite a show here and a sorry end but the name will live on.
Just paid attention to the funding size!! So between Thursday last week and today they’ve increased their funding requirements from £1bn to £1.1bn
Brings shorting to a new low level when the hedge funds can force an issue because they have so many shares that they have BORROWED. This lark should be banned. Poor souls can't bear to lose their bet, I say tuff bananas take it on the chin and stop crying.
Yep this is why they were looking to delay the meeting, possibly trying to work some sort of deals with the bondholders
THOMAS COOK has secured an extra week to hammer out a £1.1bn rescue deal, as debt speculators pile pressure on the troubled holiday company.
A meeting had been scheduled for Wednesday to agree terms but is set to be pushed back until next week as Thomas Cook battles to survive.
The rescue deal needs the support of 75pc of creditors to go ahead. Hedge funds are thought to control enough of Thomas Cook's bonds to block the rescue and are pushing for a default unless their demands are met.
Concerns are growing that the world's oldest tour operator could collapse, with hundreds of thousands of holidaymakers facing uncertainty.
Regulators at the Civil Aviation Authority are making contingency plans for what would likely be the biggest ever repatriation of British holidaymakers trapped overseas if an agreement cannot be struck.
Thomas Cook faces a cash crunch as sales fall and it weathers higher fuel and hotel costs, having reported a £1.5bn half-year loss and £1.1bn of write downs in May.
Fosun, the Chinese conglomerate which is Thomas Cook's biggest shareholder with an 18pc stake, has offered to pump in £450m in return for a 75pc stake in the company's tour business and 25pc of its airline.
Lenders and bondholders would put in a similar amount for the remainder of Thomas Cook in a debt-for-equity swap. However, as Thomas Cook needs to start booking next year's hotels in the coming weeks, the amount now required has been upped by £200m to £1.1bn to ensure the business has sufficient headroom to continue operating.
The situation is further complicated by hedge funds taking positions in Thomas Cook's debt. They will vote against the deal unless they are assured their positions will pay out, rather than being wiped out in the restructuring.
However, an insider said: "There is a deal to be done here, it's just a case of getting everyone to understand what's at stake."
Piling on further pressure is Thomas Cook's Air Transport Operator's Licence (Atol) expiration at the end of the month. An Atol protects holidaymakers if their tour company collapses.
Worries about the health of Thomas Cook have caused it shares to collapse to just 5p, valuing the business at £77m, compared with £2bn less than two years ago.
A Thomas Cook spokesman said: "We have reached substantial agreement with bondholders and remain focused on securing the recapitalisation." The CAA refused to be drawn on any potential repatriation plans should Thomas Cook fail, adding it is "in regular contact with all large Atol holders".
5p The Thomas Cook share price, valuing the business at £77m compared with £2bn less than two years ago
Thomas Cook wins more time to thrash out £1.1bn rescue deal - The Telegraph
As if this one week will make a difference!
Down to 4.59p. Dreamers upset JTM?
Dreamer
Back over 5P - Upset the muppets that will.
Sad B@@@$% whoever - can't been a penniless muppet though
Was it Plainidiot ?
Someone bought 89000 shares earlier. Might have been Bernard Matthews. Bootiful!