how was your quarter?, page-82

As at 30 June 2015, loans and borrowings totalled US$676.9 million (AUD $940m)

Standard & Poor’s, rating the 7% unsecured senior notes to CCC+ and  the 10% secured senior notes to B , both are Junk status according to the table below.



Unsecured Senior notes - US$284,000,000 borrowed at 7% costing around US$20m a year in interest.
Secured Senior notes - US$195,000,000 borrowed at 10% costing US$19.5M a year in interest.
Term loans  US$190,000,000 borrowed at 12% costing US$22.8M a year in interest.

Included in the cash balance at 30 June 2015, is US$8,231,000 of restricted cash , so after payment of US$20m in interest on the 1st Oct 2015 they have around US$100 million cash available and a further US$24 million of availability under the Company’s ABL facility.

"United States Income Tax Audit

The Company’s United States income taxes for the 2010 and 2011 tax years have been subject to review by US Internal Revenue Service (IRS). The field work for the audit is complete, and the Company has been notified that the IRS intends to propose transfer pricing adjustments relating to: (1) increasing intellectual property royalties paid by foreign subsidiaries to the U.S., (2) disallowing deductions for payments made from the U.S. to affiliated foreign distributors of the Products business and (3) disallowing deductions for payments made to a Swiss affiliate for the Global Drilling Services business under a Commercial Support Agreement. The Company expects the audit will be concluded, and assessments will be issued, prior to the end of the 2015 calendar year, although the amounts of any assessments is unclear at the present time."

"Canadian Income Tax Audits

As disclosed in prior financial reports, the Company’s Canadian tax returns since 2005 have been subject to review by the Canada Revenue Agency (“CRA”). Assessments have been issued or determined for the tax years between 2005 and 2009, with the most significant contested areas of the CRA’s reviews relating to three issues: (1) the transfer pricing structure and methodology used by Longyear Canada ULC and Boart Longyear Canada Partnership for sales of products to international affiliates; (2) management fees paid to a United States affiliate; and (3) intellectual property royalties paid to a United States affiliate (the “CRA Contested Matters”).

Risks in Respect of Reassessments - The Company has recorded a tax provision related to the CRA’s audits of the 2007 through 2012 tax years. The provision reflects the uncertainties regarding the outcome of those audits. While the Company believes it is appropriately reserved in respect of the CRA tax controversies, the resolution of those controversies on terms substantially as assessed by the CRA for the 2007 through 2009 tax years could be material to the Company’s financial position or results of operations. The Company’s liquidity could also be impacted negatively by the CRA reassessments or by security requirements, which could be approximately 50% of assessed amounts, that may be required by the CRA to contest those assessments."

The Company has recorded a tax provision related to the CRA’s audits of the 2007 through 2012 tax years - i believe the company has recorded this as  - Deferred tax liabilities  US$20,250,000 on the balance sheet .

Following the completion of the recapitalisation transactions, Centerbridge Partners, L.P.’s holding in ordinary shares increased to 49.9%, or 464.5 million shares, and an additional 434.0 million convertible preference shares.

Total BLY shares,  932,205,380 Fully paid ordinary shares plus 434.0 million convertible preference shares.

Centerbridge Partners, L.P.’s own's 65.76% of BLY including the convertible preference shares.  The convertible preference shares give certain privileges including being paid a preferential dividend and receiving a payment priority in the incidence of a “winding up".

http://www.copyright link/markets/c...boart-longyear-stake-to-499pc-20150127-12z8nu

For the half-year ended 30 June 2015
Total comprehensive loss for the period attributable to equity holders of the parent (US$169,298,000)
Net cash flows used in operating activities  (US$85,111,000)

Considering the cash and funding available on the 1st of OCT is around US$124m how long before they need more cash.