Calmena Energy Services Inc. T.CEZ

RE:RE:RE:RE:Mexican rigs

[jts115]

It also seems like a loan-to-own strategy, as the purchase price was comprised of the settlement of the USD term loan. Implies the term loan was trading below par and someone bought it and used it as currency to trade for the assets (a bank doesn't want to own assets, so would potentially have to be a scavenger). I'm just kind of surprised it took them so long to realize such little value, I can't imagine the market is that terrible in all of LATAM, which brings me to question Petersco as a decent investment bank (maybe a bulge bracket firm would be better at marketting the assets). I hope this was an arms length transaction and I also hope that the buyer assumed a negative working capital position.

Nevertheless, the purchase price is about 8mn CDN dollars and not far off from the TD report of 9mn. I'm optimistic there is equity upside from here unless the other sales are complete bs