I guess one of the reasons why the company needed to float at all cost was probably because, they were caugh out by the sharp oil price downturn from $100 to $50. Didn’t have free float cash to pay back the bondholders, hence decided to do an equity swap for debt..
The company had also probably intended to pay off the $9 mil to bondholders, after IPO. But their plan got slammed again by the drop in oil price from $50 to below $40. Now that oil price is making a comeback, perhaps the company fortune will change.
I guess one of the reasons why the company needed to float at...
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