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Pete do you think there is a tiny chance of coming out of admin or is this game over. Plan A and B might not have been suitable anymore but surely for the company to survive there has to be another plan which administrators and the BOD will be looking at before they call it the end.
They should of forseen there would be short fall of cash.when you have advisors costing a days production per week.
Just reading back the posts from last night and found some of your investment strategies and insight as truly fascinating. You really are a savvy investor. Thanks again.
Peteb Fair enough that explains why i haven't see their posts. I take it back in that case.
i don't think we'll see ynotdeal post here again now.
21st July RNS For further information contact: Afren plc Tel: +44 20 7864 3700 Alan Linn, Chief Executive Officer Natalia Erikssen, Investor Relations the 31st July RNS For further information contact: Afren plc Tel: +44 20 7864 3700 Natalia Erikssen, Investor Relations AlixPartners Press Office Tel: +44 20 7332 5225 apspressoffice@alixpartners.com I think Alan Linn has been replaced by Alix Partners. I wouldn't like to say I gave Alan Linn too much credit more I was willing to give him a chance and reserve judgement on him. But I guess its plain to see he failed now. all he had to do was an open offer to raise the shortfall in funds when he first took over in April. it wasn't exactly rocket science.
they must have read the anti bondholder comments on here. and though f**k it. We'll stick it in admin and take the company. Afren BB loser. As a pose to Zak Mir's BB heroes
oh well i better get busy recovering my losses on other stocks then lol
http://www .directorstalk .com/afren-chapter-15-bankruptcy-petition-filed/
http://www. *****************/afren-chapter-15-bankruptcy-petition-filed/
fairi enough. so I am guess chapter 15 is more of a red herring then. http://www.*****************/afren-chapter-15-bankruptcy-petition-filed/
Kaisa everyone is allowed to have their view. Don't let others get to you. Let's see what happens. As time goes by probably easier to let go.
I'm sure this was factored into asog's action plan and risk assessment though. I wonder why they didn't discuss this possibility when you were asking your questions though, great and wise as they are ? They were probably too busy wetting themselves chuckling at the purile insults being thrown at you by their sheep to have the time to answer, lol.
Isengard, I take it from this excerpt from my earlier post '..... During the reorganisation period, as a result, the administrator usually runs the business rather than the directors, and any additional liquidity requirements effectively have to be met by funds provided by existing creditors rather than by any super-senior 'DIP financing......' that the bondholders decided if they needed to be putting more money in, then they decided the only course of action to protect their funding was to force afren to go down this route. I know the question of additional funding is one you've been asking for a couple of weeks now, may be this answers your question ? The company is no longer in control of it's assets, having gone into admin. The bondholders probably felt this was the only way they would put any more money into afren ?
http://finance.yahoo.com/news/serious-fraud-office-launches-investigation-065130090.html These guys should be looking at Afren too in my opinion
don't know if your earlier question was answered, but asog, or any pressure group' are as impotent now as they were before administration. the administrator is duty bound to get best prices for any asset sales, based on market conditions, time constraints, etc. The first billion (and a half ?) or so will go to creditors, administrator fees, etc. etc. gas bills, leccy bills, staff wages, etc. etc. Once Mrs. Cleaner has been paid, if she was able to get a special deal on the last box of teabags consumed at afren hq, the shareholders may be able to share the petty cash tin between them. Unless she bought some biscuits. It's all about the biscuits at this point, as to what you may get back.
It's all about the creditors now, and whatever the outcome, there will be nothing for shareholders.
'...........In UK law, the administration regime is governed by the Insolvency Act 1986, as amended by the Enterprise Act 2002. An "administrator" can be appointed without petitioning the court by the holder of a floating charge (created since 15 September 2003), by the company or by its directors. Other creditors must petition the court to appoint an administrator. The administrator must act in the interests of all the creditors and attempt to rescue the company as a going concern. If this proves impossible he or she must work to maximise the recovery of the creditors as a whole. Only then may the administrator attempt to realise property in favour of one or more secured creditor. A firm is usually in Administration for no more than 12 months, after which an extension from the court can be produced at the courts discretion.[5] Administration is analogous to going into "Chapter 11" in the United States, although there are certain key differences, mainly stemming from the fact that English law does not include the debtor in possession concept. During the reorganisation period, as a result, the administrator usually runs the business rather than the directors, and any additional liquidity requirements effectively have to be met by funds provided by existing creditors rather than by any super-senior 'DIP financing......'.
Is strong with this one. Don't forget to lock the door on the way out. Council houses attract trouble.
Admit it Kaisa, you have no business being here. You also don't have a scooby as to whether we will come out of admin or not. Seeing the nature of some of the other companies you post shaped my opinion of you. Off out now, I guess you'll be hanging around as you're a bit bored yeh?
Just been reading here briefly. I think you'll find the US has different bankruptcy fling types (chapter '7', '11' etc.), which can protect an individual or company from their creditors, and they are able sometimes to 'emerge' and continue trading. We don't have those options in the UK, when you're gone, you're gone (as far as shareholders are concerned).
If you talk **** for 3910 posts does that make you wise andy? Or just an idiot with a big mouth? How do u know I havnt watched the board for 7 years without posting. And what significance does post total have on anything?
Kaisa comes out of the woodwork to give not needed advice. 49 posts and hanging around a company that's just gone into admin like a bad smell.
Anyone who thinks this is defiantly the end should read the Pompey takeover thread on saints web. Portsmouth FC were toast. They have survived a further 3 admins. Found new owners, the owners have been arrested but they are still playing football. Admitidly 4 leagues lower, having sold of thier training ground, car park , players. But they are still there. The administrators and lawyers are much richer...
The board believes that all the possible routes have now been explored during the course of this process, which was subject to a strict timetable, driven by Afren Plc's short-term liquidity issues. These discussions have failed to deliver support for a revised refinancing and restructuring proposal that would result in Afren Plc being able to pay its debts as they fall due. As a result, the Board has taken steps to put Afren Plc into administration and appoint Simon Appell, Daniel Imison and Catherine Williamson of AlixPartners as administrators. The relevant documentation will be filed at Court during the course of the day. The appointment is made with the consent of the Company's secured creditors and is seen by those secured creditors as an important step in preserving value in the Company's subsidiaries. No other company in the Afren Group has appointed administrators today or taken any other step to commence insolvency proceedings. The Group is in discussions with its partners and other key stakeholders with a view to continuing its operating businesses. ordinary share holders will be wiped out unfortunately, but good luck with your future investments.