The way I see it is year end, without getting the $25 security returned, LTR were staring at cash on hand around $100m. That could vary depending on timing of payments, but this $15m might be enough to boost confidence that LTR won't need a CR.
LTR management doing all they can, as they should, to avoid dilution. The $15m could be a significant help in kicking the can. Add it to potential return of the $25m and you get a $40m prop up.
LTR have made clear that FY26 is going to be a rough transitional year. For all that are adamant a CR isn't a distinct possibility because you've been told on HC that LTR are making bank (listen to the earnings call to hear about the sustaining capex etc that was pushed into the current quarter), ask yourselves why LTR asked the government for this support?
@dazaliam it was a good idea to take on this debt. It's interest free, unsecured and may just get them over the line before a CR is needed, or at the very least keep the cash balance looking healthy enough.
(20min delay)