The announcement from 29M today holds some relevance for GLN:
1. Glencore took less than two months to finalise and execute - if they want to get something done, they do it.
2. The terms of the finance are sufficiently ugly for 29M not to disclose - simply “SOFR plus margin” (but what’s the margin? 7%? 10%?)
3. 29M are in balance sheet distress with a lot of debt and their flagship asset underwater and now suspended. Glencore is who you have to turn to when nobody else is interested.
Almost seven months on, why is JP still pretending Glencore’s due diligence is “ongoing”?
General Discussion Banter GLN, page-15411
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