"Implement capital structure option that balances interests of all stakeholders" - i wonder what they will do , there is no way they will find the money to repay US$300m by mid 2018 and if they don't refinance this debt they will have to repay US$40m earlier than required on top of the US$300m in 2018
Unsecured Senior notes - US$284,000,000 borrowed at 7% costing around US$20m a year in interest.
Secured Senior notes - US$195,000,000 borrowed at 10% costing US$19.5M a year in interest.
Term loans US$190,000,000 borrowed at 12% costing US$22.8M a year in interest.
Total debt US$711m as of 30 June 2016
Total liquidity as of 30 June 2016 was US$57M (cash US$41m and US$16m of debt funding available)
Capital structure review commenced
Material improvements in productivity and margins
Market indicators improving
Sufficient liquidity for near-term but challenged in 2017
Improved capital structure required to ensure long-term sustainability and capture market recovery “Emphasis of matter” included in financial report
Houlihan Lokey engaged to assess capital structure options
