Could possibly have Chel take on the new loan facility or the nominee of the "Chel" company in the Cayman island at 5% interest on the 70mill
With some sort of equity incentive in there Doca
With 30mill to go to working capital along side our 25mill stock pile A40 having $55mill cash and goodies can't default on the new loan.
Gxy will get a nice early and interest payout keeping it's holdings in A40.
I would be very surprised if there is a "superior" deal in place for our main creditor Gxy that hasn't factored in a significant loss on its equity holding in A40.
I can not see Gxy giving away there holdings so easily from such a strong position??
Now the Va is still in charge and finishing there job restructuring the company's could we see offtake partner's and new board restructure take place?
Perhaps this whole fiasco is a strategy to stall time untill the market recovers.
Is it cheaper to stall interest payments have our mine on care and maintenance but pay for VA then continue mining for no offtaker??
We just need our other creditors to vote in proposal, Have our loans defaulted against them? Do we have to pay them up front? Why do we not have access to know who they are?
Have to wait and see but I do think A40 and Gxy need to sort something before they both turn to sh!t including there share holders.
Good luck to a40 and gxy holders
I only hold A40 cheers
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