alertmeipp Posted September 3, 2016 Share Posted September 3, 2016 nuts... seems like management chooses to go receivership instead of CCAA.... something really fishy going on. Link to comment Share on other sites More sharing options...
Cardboard Posted September 4, 2016 Author Share Posted September 4, 2016 "I wonder if the public and/or TBE.DB holders are entitled to review all the offers that the TBE management received? Do you know how this process goes?" It is in the affidavit provided by the lending syndicate to the Court. One needs to remember that the auction for these assets was mostly done in February. And in early March, they entered into exclusive negotiation with Reignwood. We are now in September and the oil market is no longer trading below $30, fundamentals are improving and OPEC/Russia appear serious for a deal in Algiers at the end of the month. Trading values and numerous asset sales would indicate that prices are up and supportive of a corporate price between PDP NAV and 1P NAV for this company or $221 to $312 million. This company is also cash flow positive and debt will be declining during this process. For management to not file for CCAA and on top of that to waive its 10 day grace period is nuts. Supporting this deal until the vote is understandable since they were contractually obligated. However upon rejection, to throw the keys at the bankers without any obvious effort to salvage the company is really hard to explain. There is value here and how to unlock it for the banks and debentureholders during this receivership process is the key. End result could be very surprising. Cardboard Link to comment Share on other sites More sharing options...
alertmeipp Posted September 4, 2016 Share Posted September 4, 2016 Cardboard, Yes agree. especially if ccaa can drag the timeline another few months... A lot can change. Seems a bit drastic to go directly to liquidition. Is the debt holder in talk with the banks? Link to comment Share on other sites More sharing options...
bskptkl Posted September 6, 2016 Share Posted September 6, 2016 follow CCAA proceedings here http://cfcanada.fticonsulting.com/twinbutte/default.htm Link to comment Share on other sites More sharing options...
SafetyinNumbers Posted January 11, 2017 Share Posted January 11, 2017 Looks like a bid has been received and we should find out how the debs do, next week, after court approval. http://cfcanada.fticonsulting.com/TwinButte/docs/Third%20Report%20of%20the%20Receiver%20and%20Manager%20filed%20January%2010,%202017.pdf Link to comment Share on other sites More sharing options...
LesPaul Posted January 12, 2017 Share Posted January 12, 2017 Page 14: "While the purchase price remains confidential, the Receiver can confirm that the purchase price is sufficient to pay all secured lenders in full (including potential lien amounts) and provide for a substantial distribution to the unsecured creditors;" Bank Debt: ~$205m Trade Creditors/Accounts Payable: $31.3m Debentures: $81.1m Up to you what your definition of 'substantial' is. Link to comment Share on other sites More sharing options...
SafetyinNumbers Posted January 13, 2017 Share Posted January 13, 2017 Is it though? Or is it a technical term in the parlance of a bankruptcy receiver. How like in accounting there is a clear difference between significant influence and control. I really don't know the answer but maybe someone here knows bankruptcy really well. Link to comment Share on other sites More sharing options...
jwfm1985 Posted April 22, 2017 Share Posted April 22, 2017 http://business.financialpost.com/news/fp-street/recovery-for-twin-buttes-debenture-holders-more-than-three-times-what-they-were-originally-offered Link to comment Share on other sites More sharing options...
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