RE: The Market.......................................15 Sep 2021 20:13
And this assessment (below, presented to Zacaroli at court) is from the company when it was being managed by the scammers
I reckon you'll slowly start to recoup some of your losses. My heart genuinely goes out to you. I have lost a fair whack in the past and clawed some of it back. It's tough as you see dreams and security turn to dust.
'In short, the following circumstances in particular point against exercising the discretion to sanction the Plan:
(1) The Company is profitable, and anticipated to remain profitable for at least the next year;
(2) The Company's evidence is that the P6 well is likely to remain economically viable until early 2024;
(3) There are reasonable grounds to believe that the Company will be able to negotiate an extension of the Charter on terms which enable it to continue extracting oil from the P6 well beyond July 2022;
(4) It is in the interests of all the Company's stakeholders that this happens;
(5) Despite the fact that there is projected to be a shortfall between available cash and the sum required to redeem the Bonds at maturity (and the AHC have expressed the firm view that they are not prepared to extend the maturity date without the Plan being sanctioned so that they can acquire control of the Company) there is a reasonable possibility that the size of the shortfall might be such that measures could be taken, such as refinancing, so that it could be bridged'
https://www.bailii.org/ew/cases/EWHC/Ch/2021/1759.html
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I am sure the company will find a way to sort out the debt. Asset sales (those assets artificially downgraded to destroy the asset base of the company). A placing. Use of max FCF to pay down debt. I am sure there are other sources of funding as well
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