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0% to shareholders.
Well done all.
Nothing going on with CA.
It's over people's.
https://en.wikipedia.org/wiki/John_Bingham,_7th_Earl_of_Lucan
This guy...?
Nope.
Term is an issue.
As it's a contract.
If HUR are in a position where they would have to cancel the contract (early termination), this will result in a fee. An early termination fee - at £mills.
"the company that has the option to continue the FPSO arrangement"
Yes, but the problem is the option is 3 years.
HUR are looking for a reduced option (therefore an amendment to the option/contract).
CaptainSwag,
As RNS has pointed out, the Judge can only sanction or not sanction the scheme.
Any changes to the scheme (as a result of these hearings) will require adjournment and the required documentation being issued for sign off to all relevant parties - before it can be sanctioned.
Also, worth noting from the same document:
"Thus, to produce ~40-50 MMstb, it could require up to 6 producers and 3 water-injectors"
I had suggested something like this before, but clearly Xodus/CA do not consider cost for this..
6 producers and 3 water injectors.. $500-550m
"Any alternatives must be submitted to all parties before the hearing."
Looks like CA HAVE submitted documents. It's on HUR's website.
The document by the expert, Xodus Group (on behalf of CA) is quite funny, particular page 24.
The "expert" doesn't realise that a larger scale water injection will require more investment... laughable really.
HUR couldn't even secure funding for small scale development.. and thinks that there is room and consideration for a larger scale project.
Fair enough if CA back this up with funding for the larger scale project - but providing $0 for any future investment and still wanting a larger scale project is just being desperate to save their own skin.
So three outcomes:
*Four outcomes:
4. Adjournment in favour of CA.
"CA will more than likely lay out their alternative tomorrow."
... yes, and ofcourse the judge and everyone else is gonna sit there for hours reading and analysing the comprehensive plan put forward by CA during the hearing...
How deluded you must be.
Any alternatives must be submitted to all parties before the hearing.
Similar to how HUR had provided all parties with information on their restructure plan before the hearing (presentation, plan documents, explanatory statement etc.)
*by "of course the judge may not take such a threat favourably but what can he do to negate it"
CaptainSwag,
I don't understand what you mean by "So why the hell did they not buy in the market. It beggars belief."
The judge cannot do anything but two things:
1. Sanction the Restructure (in which case 95% dilution and bondholders extend bond to 2024)
2. Not sanction the restructure (in which case HUR will wind down the company and finish operations by June 2022).
HUR is running the company, not the judge. HUR have proposed the two options available. The Judge has no authority to do anything else.
However, judge can prevent sanction of the restructure (provided there is an alternative put forward).
So three outcomes:
1. Sanction and dilution
2. No sanction and wind down
3. No sanction and alternative
However, no alternatives have been put forward.
And you wonder why you lose money then call it a "scam"...
"So why the hell did they not buy in the market. It beggars belief."
Lol, DiveCentre never learns.
The answer is obvious and provided in the bond document FOR THE LAST TIME.