The NYSE has begun proceedings to delist Erin. Erin has filed...

The NYSE has begun proceedings to delist Erin. Erin has filed Chapter 11 (Bankruptcy) in order to legally protect the company's assets while undergoing restructuring, and will be trading OTC soon... which is somewhat emasculating. Myriad things are possible during the restructuring, including sale of assets, but it looks as if they will try to acquire financing for working capital. And as they have no financial obligation toward immediate exploration in A2/A5, I should think that they will be able to hang-around for a while. Once Samo is spudded, and if it's a gusher, they might look to off-load their 20%WI for a much higher value than they would realize at present. In that regard, given that the drill hits the ocean floor w/in months, the timing couldn't be better for Erin if they do need near-term capital from a sale of their interest in A2/A5, and "live to race another day" as the motorsports enthusiasts would say. However, I doubt that Erin's current circumstances do much to enhance their street cred with the Gambian government.
-walk

https://www.businesswire.com/news/h...y-Corporation-Announces-Common-Stock-Expected
https://www.bizjournals.com/houston...nergy-co-files-for-bankruptcy-protection.html