Spyglass Resources Corp SGLRF

Spyglass Resources Corp is an oil and gas exploration and production company that conducts its operations in the Western Canadian Sedimentary Basin. The Company is a dividend paying, intermediate oil & gas company that trades on the TSX under the symbol 'SGL'. It operates oil and natural gas properties in Alberta, Saskatchewan and British Columbia.

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Spyglass Resources Corp > Going Concern?

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Comment by Khersonon Dec 04, 2015 7:38pm

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Post# 24356611

RE:RE:RE:RE:Going Concern?

Kherson wrote:

darkstream wrote: -credit review was extended once to June 30 -where do you get extended more than that -some members were voted back -lenders will have some say on what the board will look like -expecting there will a resolution by June 30

Actually Darkstream, the credit review has indeed been extended twice! One has to dig deep into the 2014 Annual Financial Statement under note 9 (Long Term Debt) and the Q1 2015 Interm Financial Statements under note 5, (Long Term Debt) to understand what is going on with the credit situation, as SpyGlass never issued a NR concerning the first Credit Review Extension!
The 2014 AFS states - SpyGlass has a $200 million revolving credit facility and it is available on a revolving basis until April 28th, 2015!
The Q1 2015 IFS states - Subsequent to March 31, 2015, the company and it's lenders agree to extend the redetermination to May 29, 2015!
Finally, we have the May 29th NR which states that the annual credit review has been extended yet again to June 30, 2015...
CCAA Protection is looking SpyGlass right in the eye! Someone is gonna blink real soon!
Kherson