Quintis has confirmed the worst fears of bondholders and will miss its interest payment due on Tuesday after protracted negotiations around a recapitalisation failed to deliver a result in time.
But it has failed to tackle its somewhat unique liabilities, including extinguishing a live put option that entitles its holder to force the company to buy back 400 hectares of immature sandalwood trees for $33.9 million.
The put is held by plantation investor Davidson Kempner and its strike window has been rolled to August 2 to 4.
Hmmm, I suspected something similar to come out. interesting that in the linked article teh writers admit it would be in Davidsons best interests to not exercise the put.
Since its market value spiralled in May, Quintis has been running down its cash pile at an exhaustive pace
Wonder how they know that, anyone seen any cash flow statements anywhere lately?
Interesting times
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