Lightstream still negotiating with LendersAre we going to see a similar Agreement like NIKO?
NIKO Management done a great job to keep this Company alive and
not having to sell.
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"CALGARY, AB--(Marketwired - June 28, 2016) - Niko Resources Ltd CHAIRMAN'S MESSAGE TO THE SHAREHOLDERS
The Company continues to pursue a strategic plan to maintain its core assets for a period of time with the goal of enhancing the value of such assets for the benefit of the Company's stakeholders.
To pursue this strategic plan, the Company requires concessions from its key stakeholders to significantly reduce the cash outflows to these stakeholders. The key terms of proposed amendments to the agreements governing the Company's term loan facilities and convertible notes have been negotiated with the relevant parties and the Company has executed agreements with 100% of its senior lenders in support of the proposed amendments to these agreements. The Company has also solicited and received consents from the requisite amount of noteholders to proceed with the proposed amendments to the indenture governing the convertible notes. As soon as practicable, the Company expects to enter into an amendment to the term loan facilities agreement, formally amend the indenture governing the convertible notes, and take such other steps as are necessary to give effect to the strategic plan. The implementation of the strategic plan remains subject to certain approvals, including the final approval of the Company's board of directors and the Toronto Stock Exchange. If the amendments become effective, the Company would not be required to make interest payments (including interest then owing) under the facilities agreement or the indenture during the term of the amendments, other than in connection with waterfall distributions (as defined in the proposed amendments), and would no longer be in default of the amended facilities agreement or indenture."