RE:RE:RE:RE:RE:Basically we have milestones some may missedMy first, second and third guess as to why they are doing a slow layoff, is they will try to sell the project lock stock and barrel to a major. Mine infrastructure in place, basic staff, easy enough to turn back on and work out the bugs.
Pala out of money to move ahead, only chance to recoup is a proper sale.
Sale will need enough cash to payoff lienholders, balance likely in shares.
The timed clauses will indicate if that is boilerplate cut n paste or really the intent.
Clause g requires bidding motion by june 19.
If sale is just hard assets, not all lenders will get payback, stockholders 0
40m of loan is chewed up in wages, fees and buyouts.
Pala got off board to let this happen, and only chance they get value for their shares.
Purpose of chapter 11 is to sell as a complete unit.
If just hard assets, then chapter 7 sufficient.
My two cents, read the doc for yourself.