RE: RNS Funding update26 Jun 2021 01:35
The waiver extension is is for 3 months.
Based on my own calculations [although I am no expert] from the available financial position graphs submitted by the BOD to the Court, the outstanding 27M will clear within 7-8 weeks from now, no more than 9 weeks. So i.e. within the 3 months extension. See - https://www.amigoscheme.co.uk/docs/FinancialTimelines.pdf
On that basis it COULD be interpreted that that they could just file for insolvency once the secured creditors/bondholders are paid out. BUT, [ big but here ] all AMGO loans to individual customers still have to be paid back in the longer term and so bondholders/first in line creditors will re-coup their monies anyway, regardless of this 3 month extension or insolvency. [Outstanding loans of £412M [as at 31.12.2020] should generate hugely greater cash flow].
So, it seems to me that the 3 month extension is nothing to do with letting the 27M to be run down/paid back so creditors are paid out, instead it can only be because the BOD are genuinely negotiating a SOA2 with the FCA, AND the bondholders are confident of future stability once an SOA2 can be agreed.
I accept there are far too many unknowns and shifting sands to be sure of anything with AMGO, so I offer this as my opinion only.. As ever, DYOR