They have nothing..... completely run out of cash.... few coins and some pocket fluff. That's about it...
That's why they are in Chapter 11.
Nobody at the moment will lend Marion money without some security over Clear Creek.
KM offered a loan, but would only do so if they had security over Clear Creek.
Castlelake have successfully argued that no other lender should have security over Clear Creek and be ahead of them in getting funds...That's fair enough. That leaves Castlelake as the only secured DIP Loan Financier..
Will Castlelake provide the funds???
They might but not compulsory...
Can Marion find an unsecured financier????? Doubtful.....
Can Marion find a financier to pay out Castlelake????? Maybe but not easy...
The longer this takes the more down the toilet it is...
MAE Price at posting:
0.6¢ Sentiment: Sell Disclosure: Not Held
