I don't see the Loan Agreement as pie in the sky. MEL might need to take action to enforce their loan agreement with KBC but it is enforcable.
A CR to pay out KBC would be a lazy solution in my mind. I believe MEL is debtworthy will be able to re-finance at least part of their debt.
In a way even KBC agree with us. They are saying that VEN's CR is excessive and that they should have secured more debt. The irony of KBC's position is pretty funny.
KBC do have some fair points though. Did VEN really need to CR for Odin 3 right now? Did VEN pursue alternative sources of funding including debt or pre-payments?
The problem for VEN is that KBC actually raises some fair issues and they may need to respond.
What sort of CR amount are you thinking MEL needs @boysy1 ? If it needs to pay out KBC and fund Odin 2 are you thinking that MEL needs to raise $5-6m?
MEL Price at posting:
0.8¢ Sentiment: Buy Disclosure: Held
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