go have a read of the debt restructure announcement - interest payments have been deferred (not waived)
the definition of defer : put off (an action or event) to a later time; postpone.
here it is in black and white:-
now you got that:-
the interest payable "in respect of interest periods ending 31 March, 30 June, 30 September, 31 December 2015 and 31 March 2016 are deferred until 30 June 2016"
so on 30 June 2016 Lynas has to pay the interest for the quarters mentioned is the way I read that
interest is "deferred until 30 June 2016" - "for the periods ending 31 March, 30 June, 30 September, 31 December 2015 and 31 March 2016 are deferred until 30 June 2016"
interest payments have not been waived .......... just been deferred or payment postponed until 30 June 2016
now where was I with those adjustments:-
the way I read it, it says interest payments dates ....... interest payable ................ has been deferred (not waived) until 30 June 2016
perhaps its got to do with the fact that a lower interest rate will apply if the performance hurdles are met
I could be wrong but the way I read the announcement interest is still payable for those periods
look I honestly believe current Lynas management is doing an excellent job sorting out the mess they were left - but unless something changes like rare earth prices improving dramatically, then I can't see how Lynas is going to ever repay their debt
just look at the debt repayment schedule
where do you think the US$135M is coming from given current trading performance
once again :
the definition of defer : put off (an action or event) to a later time; postpone.
(20min delay)