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19/08/19
08:53
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Originally posted by nicolas40:
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By now we have all seen the Alita news that its main creditor Tribeca is unlikely to extend them any slack and will call an event of default on their debt by 20th of August at 5pm Melbourne time... Assuming there is no miracle that happens the coming 36 hours how does this play out afterwards? Does the company go into Voluntary Administration and does an administrator get appointed to repay Tribeca first and then look at what the rest of the assets are worth? Does the mine automatically go into care and maintenance? Does this then lead to a competitive sale process for the assets where Galaxy is the likely bidder? If this is the case, what does Galaxy realistically pay? Is this process different, if so, do equity holders have any potential to recover something or will it be a likely zero, aka 100% equity loss? The fact that this company is listed on both SGX and ASX might complicate matters as well. Serious discussion only please on what is likely path forward would be appreciated...
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If Tribeca own shares.. why aren't they giving us about of slack?? Unless they will receive a nice pay off from Galaxy to play hardball. We would never know