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Riverstone wouldn't be lending a further 20m unless they thought they could get that back plus their existing debt, and we know the assets are unlikely to recover the existing debt nevermind the new $20m so in order to lend they must think they will get all $135m back.

So my guess is they give that $20m as working capital, install a new CEO who will streamline the business and cut costs and ensure profitability in 2025. There's clearly been a lot of money wasted here such as the Scilly project and there's likely other efficiency savings that can be made. Meanwhile sell some of the non-core assets to pay down some debt or provide further working capital to reach profitability. Scilly Ferries business, KMS and IM, US office are the easy pickings here. IM may have lost the appeal but it still holds some value. Once that is all achieved then re-apply for UKEF funding in 2026 when the company is making a profit, in a stronger position and then can actually afford to service such a loan.

That's my optimistic view anyway. I have a pessimistic view as well but I'm not sharing that one as we all know what the worst case scenarios are here. Who knows how it will play out.

Riverstone actually haven't made a penny in interest. The interest was added on top of the debt pile rather than paid.

How low is this going? Got ramped in at 62p thinking it was a solid green energy stock to hold. Sold half at break even when it started dropping. Might average down if it hits 47p.

It doesn't need to cover 4 months running costs as the company is bringing in revenue alongside it. The 20m will go further than 4 months. How much further is anyone's guess.

I too think the ferry service is dead now. It will probably be sold off to bring in extra cash. Be a strange turn of events if the IOSSC put in a bid for it.

I took "at this time" to mean the company can apply again in the future LSE03. Get the company to break even or profitable first and then reapply. The key is how to get there with all of this debt in place.

JW said a while ago that there was already a deal on the table. I'm guessing that is no longer available if the company is having to take further cash from Riverstone.

Thinking of non-core assets the company could sell, the Scilly Ferries is the obvious one, plus IM will have some value. Perhaps those plus the 20m extra loan will help the company limp along to profitability.

shocked that the edg has been declined. i thought that would eventually get over the line. new government being against it was always a concern of mine but i figured they would give it the go ahead to save the jobs.

it does look like there is a plan b with further financing through riverstone but that debt isn't sustainable and will need refinancing into some kind of deal. hard to predict how this is going to play out in the coming weeks and months. i expect the new loan from riverstone will come before suspension is lifted at least.

i feel like the company has been completely shafted by the tory government stringing us along for a year and a half and left labour with an application that doesn't pass their tests. lesson learnt - never trust government decisions on issues that affect investments.

jw isn't without blame, for ******* around with a ferry that led to accusations of state aid that delayed ukef application to this point.

Surprised there is no RNS yet confirming JW's departure. Will be interesting to hear what happens on Monday in parliament. I get the impression that some kind of money will be coming quite quickly (probably the 20m Riverstone loan the FT mentioned) and accounts will likely be posted at the same time.

How is the FT seeing emails between Arun and the directors? Do we have someone working against us from the inside now too?

This is certainly interesting if true, but then you have to ask how the FT are getting this information? This should not be playing out in public. The newspapers are getting information before shareholders. Or it could be full of holes, much like previous articles. Are we going to have another RNS responding to this article?

I don't see what a change in CEO would achieve other than more uncertainty, at least in the short term. As much as some people may dislike how JW does things there are many CEOs on AIM who are worse.

More cash from Riverstone makes sense as a last resort if we can't get UKEF over the line in the near future and should give the company enough cash until the UKEF loan is ready. If only JW had thought about that before spending 15m on a ferry service.

That is embarrassing from Investing.com

If the pension gets means tested then there is no point saving for retirement. I can't see them doing that, but wouldn't put it past Labour to tax the state pension.

What I am currently wondering is whether I should be saving in my ISA or in my SIPP. I currently add to my ISA only as it's a faff claiming the tax back in a SIPP but thinking about it the SIPP probably makes sense.

I am just guessing but maybe it is the estimated cost of completing the contracts we are contracted for. Then we get that back when the revenue comes in. I don't see what else it could be.

What makes up the 100m of liabilities that isn't the debt then?

If you look at the following paragraph it mentions 91m of debt. 191m is clearly an error.

Of course that's the intent Stokey. The people who want HARL to fail are dragging everything out in public to try to influence decisions.

There should also be an investigation as to how any information around this is being leaked to the newspapers as they are now leaking confidential information from two different governments. Or maybe there simply isn't any inside source and information is being made up and printed. Who knows?

The media certainly seem to be obsessed with our UKEF application. Never seen anything like that for any other company applying for a UKEF guarantee.

I was just surprised that it went from 67p to 61p in the space of a few hours. If I want that kind of volatility there's much better risk reward plays on AIM. Glad I only put a small amount in here. Guess I should join the hope brigade and sell until it rolls back to 47p.

"exciting week ahead"

Share price down 4%. What's going on?

When the media start using terms like "bailout" when the government isn't providing any cash then it shows how ill informed the writer is. Probably got their information from the ADVFN boards.

The "warning" is obviously coming from people with an agenda for the company to fail.

This is all advertising for his charts service. Probably doesn't even hold the stock. Guy blocked me on Twitter a while ago for calling out his deramping.

That said, ITM is a decent company and looks cheap. Recently bought a few.