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I don't see why lenders would be interested in Cineworld's liquidation. Over the last couple of years Cineworld had to make a massive pay out every 3 months and it was hurting the business. They've realised that there's no way forward and started this restructuring to improve the balance sheet such that the lenders will get their money back following a predictable and systematic schedule that won't hurt the cash flow required for operating the business. By the looks of it, our creditors are not interested in equity at all but only care about interest rates and that loans can be paid back.

@Tegop, meaning there's a time factor but at 110% it's costing shorters 0.23p/month. One has to be very confident that the current shares will become worthless and they can hardly afford to keep the short position until February (C11 exit).

it's unclear whether or not the shareholders would be asked to vote (even though the CNE board no longer recommends the merger). I don't see any other reason why we're still getting bombarded by rns forms.

why would someone borrow when the fee exceeds 100%? Say, you've borrowed cineworld stock and sold it at 2.5 (let's round it up for simplicity), the borrowing fee is 110% which translates into 2.75p and even if the current shares become completely worthless you won't need to return any shares but the borrowing fee is still there so what's in it for you?

https://twitter.com/AmericanLawyer/status/1580306103560130561?s=20&t=q0ePO2T-MBGhcmMHsKKcaA

that deal had to be done to save TLW, all imv. Plus there's a "country factor" with Uganda so no hard feelings.

The SP performance was disappointing when it couldn't hold on to 60p in April and now we're in a fire sale territory. You could blame it on low confidence among investors and economic recession but TLW's strategy has to be questioned. I don't remember the last time we had good news that lifted the SP, probably the Uganda deal with Total. Back then it was obvious that we'll need to up the production when oil prices recover. Two years later the oil price is in the region of $100 and TLW is unable to capitalise on that.

overreaction, there's absolutely nothing in the trading update to support this 20% drop.

"What are your thoughts?" - I really feel sorry for the IR team that they have to deal with emails such as that one.

As things stand CP will get an equal share with the other unsecured creditors but it's disgusting and immoral that they're at the table.

Thanks, good article. It seems that TLW needs to confirm who would be our strategic partner before FDP gets approved. When up and running we expect a total of 100k bopd, 50% stake shared with the strategic partner leaves us with 25k bopd assuming an equal split but it could be less.

Hello SavvyInvestor, the SP looks attractive but there's a lot of uncertainty: the deal with Cairn is dead so no quick fix for the balance sheet, Kenya is so close but yet so far. I'm no longer certain if any deal is possible there. Moreover, TLW has had bad luck with exploration over the past 5 years and this concerns me. We need to increase production, especially when the prices are high but whether it has been on Rahul's priority list, I don't know.

Hi Wolf. CW said that they won't be able to pay if the appeal is unsuccessful and now the appeal has been put on hold until the other issues are resolved (read restructuring & emerging from Ch.11) so it clearly doesn't help CP. Now, CW stance is that the C$1.23bn claim was completely unjustified and that CP won't see any money anyway and that "we deal with you later". As much as we want the litigation of of the way and I would've preferred reaching an agreement with Cineplex, e.g. compensate them for legal fees + a small fine as goodwill gesture, the G brothers are not intending to pay anything to Cineplex.

Cineplex won't get a penny and may find themselves in financial trouble by the end of next year.
"The Group does not expect damages to be payable whilst any appeal is ongoing, which is likely to take longer than the assessment out to 31 December 2023. No liability has been recognised in respect of the judgment on the basis that payment is not considered probable at this stage, and the Directors have not factored any payment of damages within their assessment of whether it is appropriate to adopt the going-concern basis for the Group as at 30 June 2022. It is the view of the Directors that the appeal process is unlikely to conclude within the going-concern assessment period."

hopefully, that's the end of meaningless forms. They have spammed us with forms 8.3 and 8.5 for months.

far from it, all imo. If a financial crisis hits - divide by 3.

Wolf, how much do you value Regal? Can CP afford it or do you think simply the argument "we can manage it better than G brothers" will convince the lenders?

Not so bad that the merger is off to be honest. Tullow will find cash, especially at the rate the printers are working now but would Capricorn be able to "print" more oil? :D

Absolutely. From CNE rns: "the Capricorn Board has unanimously decided to withdraw its intention to recommend the Tullow Combination".

the SP seems to be holding quite well at 55, we've rebounded after a drop this morning.