Ann: Refinance Program, page-97

These guys should be making a ton of cash and should be refinancing easily, the problem is this debt just gets rolled and rolled and each time a massive load of fees get paid and the debt never goes away, despite the fact that the company started off with a cash pile and never seems to eat into the debt , just compare to SGX listed Geo energy, last year had a similar 300m of bonds outstanding and about half that as a cash pile , they managed to buy the bonds back at 50c on the dollar last year while the market was in panic mode and are now net cash and have transformed the company , will TER ever be able to pull off something like that or will they just do deals to line Craigs pockets ?