KGIC Inc LGLTF

UMMMM GUYS, THEY GOT MORE MONEY

[banx]

If it was only a matter of a forbearance extension, I would merely be happy.
With the additional  credit provision, I'm ecstatic.
The due dilly and risk mgmt needed to grant more credit to a company in forbearance would have been intense.
But it would appear Big Mac and crew passed the taste test and the smell test.
The Bank went in deeper coz someone (maybe a PHd) presented a business case that not only made sense but was also a realization in progress.
The previous regime was weak when it came to collecting receivables and consequently negative cash flow variances caused them to tap out.
I'm not going to go on about how they blew approx $8 million in a pref share funding in a matter of months.
The bottom line: Someone is impressing the lender and this in turn causes me to be impressed.

[birdie22]

How much more money can they draw, I have not seen what the new limit is, can anyone provide more  on this point. Thanks

[banx]

birdie, there was no indicated amount. What we do know is new credit was granted which would only be possible if the business was showing some level of improvement. I am expecting something from the company this week. I suggest you call and email MacGregor like some of us have done. Demand an update.

[NewDenverKnows]

THE NEW CREDIT AVAIL, was the mastercard? up to $100,000 per month, $400,000 max max.

[birdie22]

Thanks for that as that was what Iread as well was about Credit Cards Limit Increase and nothing about an operating line increase.

[Bigswede]

The parties agreed on a deal and likely got what they needed for now.

[birdie22]

After a second read it appears there could be a Credit Facility for operations. The last SEDAR posting states on page 4 of 53 “Facility Maximum Amount” means Three Million Dollars ($3,000,000) or such lesser amount as provided herein. and I can`t see any other amount specified, any accountants or Lawyers out there that can confirm. Thanks

[banx]

It means they have access up to $3million at the sole discretion of the lender. I never read that far--lol. Thanks for sharing that pickup. That dollar amount is sizeable and would never have been offered unless the lender saw positive visibility going forward. Very very positive news! We are in a tricky market rife with negativity but LRN is gaining solid footing in their efforts to right the