Next debt redetermination is in May. They could say oil is $30, we are reducing your facility limit to zero. SNDE does not have the cash to ride this particular unlikely, extreme worst case scenario out.
Yes it's unlikely to happen, but coronavirus was even less unlikely but it happened.
Market not taking any chances here....
Market cap is US$13M but we have US$350M debt..
It's basically saying our assets are worth under US$350M...
SEA Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
