at minimum it will be $6m of debt left
FS need a $6m payment according to their facilty in Q1 CY21
why would they roll it? the company has no management or commercial assets.
FS could just equitise the debt which will dilute existing equity holders by about 80%, hire Corp advisors to try and back door an asset into it I guess but FS are passive investors and don't run companies. I note that Dennison Hambling, formerly CIO of First Samuel and arguably the individual responsible at FS for this disastrous investment, has left the Company. I would be surprised if FS and it's new CIO just didn't want to escape this as quickly as possible
this is the reality
at minimum it will be $6m of debt left FS need a $6m payment...
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