Ann: Manora Update - US$27 Million Default of Northern Gulf, page-89

UZ
Consider what value of Manora is for taps 30% share. Let's say 150 m for arguments sake . Now consider by him walking away he may save the 27 m usd ( pet cost increases ) and the 9m owed to tap so it's not that much of a loss specifically if he can pick up the 14.5 m for reserve payment . Note that TAP may be up for more reserve payments in future years

Choclit - not sure TAP can offset amount owed. Also not sure TAP has cash to buy it's 3.33%
The good news is that a 14.5 m reserve payment should equal increase reserves and thus increase in lending facility

I note TAP need to pay lender a waiver fee and higher interest for delaying payments - it would be nice to know how much