Legin, it does appear that most of the $14m cash is restricted although restrictions are not footnoted as they have been in previous reports. Anyway, it seems all or nearly all of that cash is held in the operating company and they have said that they can't or wont upstream for various reasons. Part of the reason is its needed to survive there. Note that this $5.5 of EDF due within 12 months(see deferred revenue which is a current liability). There is also a hefty trade payables balance of $18m that exceeds inventories and reveivables of only $13m. That payables numbers looks stretched and likely to contract fast as customers/suppliers etc become aware of CCC distress. They also need working capital if they can complete Penn. So anyway, at operating level the picture is at best just survive in the short term provided can draw Penn facility.
Total Debt is roughly $34.6m.
Convert $15.1m EDF $14.8 Range $2.1 Other loans $2.6m Total $34.6m
The even bigger problem right now is that according to what they said at the meeting, the Holdco has no cash. Here is the short term debt and obligations due soon which appear to be holdco:
Short term debt $7m Accrued Interest $0.7m Mashalla $8.1m Short term royalties $5.0m TOTAL $20.8m
I assume the $15m they say they need now is made up of the first three items. The royalties can perhaps be delayed but it is booked as a current liability. I believe these were royalties agreed on the $20m debt facility provided back in 09 when Continental Capital bought its 74% stake in CCL (Continental Capital then changed its name to CCC). The up front fees paid on that facility were $4.7m. The facility was to be used partly for project development but only $13m of the facility was advanced at June 09 and it was repaid by June 10. Now the lenders get $10m of royalties, rising to $15m, nice! You really need to hold on to your wallet when these guys start vending low quality assets into listed vehicles.
CCC Price at posting:
3.6¢ Sentiment: Sell Disclosure: Not Held
