Blame PLS, BNP & CEFC financers - When PLS announced the refinance earlier this year, we had a few AJM holders come over to the PLS threads congratulating PLS Bod on a great outcome, opening up potential opportunities for AJM. PLS would have been in talks with BNP & CEFC 12 months before its debt converted to P&I, hence the CR in SEP/OCT 2019. BOD, ahead on the cure and among other metrics, the CR would have been one of the re-finance conditions.
And now we have
Rupfel joining her mythical dots, creating conspiracy theories on how PLS are not meeting its sustainability obligations. Well, clearly they were/are, in that they were paying their loan interest, loan principal payments, contractors, unsecured creditors, etc, otherwise they would not have secured the re-finance deal.
AJM, a project that was running pretty close to nameplate, which actually increased the cash burn for which they didn't have, as that cash should have been used to pay interest to note holders, let alone loan principal repayments. Not paying your debts or unsecured creditors, contractors, etc is somehow sustainable. Please try to catch up if you don't already get it, sustainability is the exact reason why AJM could not secure re-finance on better terms, after all, BNP & CEFC are not charities, they have an obligation to provide a decent return for their investors, including the return of capital.
FM, what a load of shite, I wouldn't post here if it wasn't for the oversupply of misinformation spun on these threads, unbelievable how far some peeps will take it....
