I imagine that the problem was that AJL could not show the repaired balance sheet. Reason is only a pro forma balance sheet has been published, as - strangely- the closing of the refinance was after the reporting date.
So, clients and financiers still see the disastrous balance sheet as the only official one. A situation that has cost us dearly. In the new situation, with the new balance sheet on the first possible reporting date, it shows a very much bankable business (depending on the operational result; however on an balance sheet bases it is probably 15% loans, 85% equity).
That's probably why it will be replaced by new loans nxt year. And therefore K will cash in the fees that are also mentioned in the document.
I hope that is the situation, otherwise I cannot imagine why they gave in to the loan package.
AJL Price at posting:
$1.05 Sentiment: Hold Disclosure: Held
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