The CEO budget for the next quarter on page 31 is expenses of $66 million against cash 0f S18 m and receivables of $78 m.
Therefore assuming all receivables are paid by Linc debtors Linc could have a maximum on $28 m left!
So where to from here?
Interest is $40 m payable in April 30?
Did they pay it?
If yes then only $28 m left which can last another quarter as no interest payments just admin $14 m so they need to off load staff fast I'd say 30 of June most will be laid off.
There is no way Linc can pay the next round of interest payments due in October 2015 without CR or Asset sale
What's left to sell just to pay $40 interest bill?
That's the current state of play!
By my estimates D day will arrive somewhere between July and August 2015 so hang on to your hats and watch how it unfolds!!!!
LNC Price at posting:
99.5¢ Sentiment: None Disclosure: Not Held