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Ann: Receivers and managers appointed to certain assets of Empire, page-25

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Surandy70

11,163 Posts.

1875

14/09/17

13:44

Post #: 27216918
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Originally posted by jake0002 ↑

Surandy, we don't know the basis for MIN declaring an Event of Default?
it could have been something like the event of Suspension of EGO on the ASX.
They assuredly would have had a "Material Adverse Change" clause in the Loan doc.
those clauses cover just about anything.
Also, the fact that EGO declared the RG-1 well non-producing alone would have triggered the Default.
So yep, could have been non payment of interest, but could have been plenty of other reasons to declare default.

Harry - the Receivers at this stage appear to be acting only over the Secured Assets, which appear to be just the RG assets.
MIN's Receivers will just secure and operate the RG assets, incl the Alcoa contract. They will literally lockup the RG field and plant.

If that is just MIN's security, then the rest of EGO can continue on, until it deems it may become Insolvent.
I would fully expect to see at least some of directors jump ship now.

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Default is generally a failure to make payments.

The other instances you suggest as possibilities would be a breach of the terms/convenants of the loan.

EGO Price at posting: 12.0¢ Sentiment: None Disclosure: Held
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