RE: Rhein Petroleum in insolvency according to link8 Aug 2024 21:19
In order to negotiate reduce terms and payments you have to enter insolvency, it can’t be done on an email or gentlemen’s agreement, it becomes a legal payment structure with terms, this protects both sides, you can continue to trade as many do in administration and if you can trade out of it great, if not the administrators will sell any assets to the highest bidder, by agreeing a deal this may mean that the asset can’t be sold while the payments are made on time etc, whilst in admin I would be very surprised if it can trade on AIM because you haven’t technically got a company that is on its own two feet it’s been managed by the admin guys, admin can last days, months or years. As long as there is a company at the end of it and we have some shareholding but as close to what we have now I’ll be happy, this isn’t going to be a quick fix and there’s a high debt which can’t be furnished from what they have now, your asking someone to take a hit on what they are owed and I’m guessing giving away part of the company to them in return for writing off that debt, that in turn reduces our holdings but I guess if we have something then that’s better than nothing because the price of the share is so stupid the % that it needs to go up to even start looking like a share again is silly. I can see a few board members walking/been pushed and control of the company passing into the debtors hands who u assume will sell it off to walk away with something, thus leaving us with unfortunately nothing, I hope not as I like many other put more money into this after all the positive vibes which even the market got drawn in and the end result was it was
All guess work which went completely wrong, I shud have sold when I went blue and in profit a few weeks ago but I didn’t :(