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Are you very sure about that Wolf - can you just take all the equity (literally everyone shares and become owners) and just change the company. I understand a formal bankruptcy would be different - but in that case theyd lose too and an administrator would give them whatever they could after bits are sold off.....
Is the above incorrrect?
There seems one issue holding everything up here - CP settlement.
Would they incredibly foolish not to accept something over nothing? - yes probably. Would they be prudent to wait until the last minute to accept something? yes probably.
So nothing has changed since the start of C11 except the pressures getting ramped up.
Those articles patience has just posted are a great example....
oops sorry im mistaken!! lol it was 35p July the following year - not 2020
So that was 15th June - price was as low as 1.75 and by 1st July - the SP was almost 35p
thanks patience tahts very interesting. Looking over old Hertz charts, seems like the Sp dropped 70% around the time of that report
agreed. if it drops below 2p - im buying more to average down (i could end up being the biggest fool - but never mind lol)
genuine question - whats materially changed since the start of c11 - if it was doomed why would they put up the funds and go through the whole process rather than just take it all anyway through straightforwrd bankruptcy? if anything the sales seem to have better than forecasts....i think?
if they take all the equity - do they also take on teh CP liability?
lol nicely put Penta. I guess our only hope is stretching it out long enough to demonstrate profitability which again hopefully open up some options....lets see how long we can keep the fat lady from singing - she seems keen!
So you dont think this will go as far as April, May...auction etc as previously suggested?
I've got the last person filtered - so likely they were going to give some non-evdence based nonsense.
However im just looking at March, April and May releases.....Its very very strong....for a second this morning after seeing teh RNS i was thinking shall i cash out with what little I have left .....but nah not now, lets see how thsi plays out! Everyone shoudl be sweeter and more optimistic after a very strong couple of months of revenue. Hopefully anyway!
Exactly Penta. Im thinking that too...the timeline is stretching into April and May....so im assuming we're still going to survive as shareholders until then at least. At which point - would a strong March, April and May influence things?
Ok so possible options here:
1) End the C11 process now, debtors take it all....restructure and everyone moves on
2) Delay the C11 process as long as possible - demonstrate recovery and positive cashflow to either
a) Convince creditors to not take it all and let CW continue without a total wipeout
b) demonstrate recovery and profitability and if current creditors dont come round, see if an external party wants to come on board and get involved with a profitable company
So do we think we are at teh stage where Mooky and shareholders give up or are forced to give up, i.e. go for option 1, or is this likely to just be stretched as far down the road as possible to see what kind of recovery can be achieved?
What options do you think Mooky has? If theres even a feint light in the distance, surely we'd them to keep going for that?
We're past teh Avatar buzz now - March releases seem packed and it seems decent for teh rest of the year too....so im not dwelling on Avatar but what there is ahead in terms of cash flow potential
But I thought the entire had been refinanced with the DIP? So isnt it just those repaymenst they need to make?
So they said in the RNS: 'the Company does not believe that there will be sufficient creditor support for a Plan that contemplates any recovery for equity interests'
So would this mean they give up at any opportunity now and move on with the wipeout/restructure OR if they manage to start making positive cashflow before the end of teh C11 process - would they be in a position to make sufficient debt repayments and in which case trade out of this? Do they have any potential to do this?
I am down so much now anyway and although resigned to worst case scenarios - may as well remain optimistic as no point selling at this stage.
Patience im entirely with you on that point. Its what ive been thinking too. These type of announcements dont seem to make any sense. They are saying to the market - yeah your shares are worth nothing now - but were going to still allow them to trade - so essentially go and have a mad gamble/frenzy.
They have already warned of the risks so why not just let things play out or just get them delisted.
Strange.
I think it might also be worth considering - a successful sale process also usually requires a motivated seller.....who knows how what the marketing process looked like...
Just a point about unsecured creditors getting pennies to the pound....I am not sure if that would happen as many of these creditors include things like distributors, suppliers etc, and if they are shafted they are not going to supply the business any longer and the business will have no product to sell going forward. Therefore I think the CP situation may need a separate resolution.
Thing is - just the market has reacted as is expected - people panicking and selling as usually commons with this share.
Like i said earlier - the sensible consensus which i gathered leading up to yesterday was that all initial bids were going to be low as that what usually happens. So yesterday was no real surprise i guess - just bit a deflating as obviously we'd love to see a huge offer.
On a plus it seems January BO was good and Feb is already over forecasts with a weekedn remaining....so surely lenders must be looking at that positively...