Tuscany International Drilling Inc T.TID

It was a major overhaul after all was it not?

[dbeaude]

1. Elinination of $50 million of LTD reducing the amount owing to $158 million from $208 million and opening the door to refinance a better deal that pushes out commencement of repayment and interest.
2. Elimination of 109 million shares. New basic count ~266 million rather than a whopping 375 million. In essence they received ~50 cents per share for these shares.
3. Gives them an $23 million cash injection.
4. The company took the opportunition to reduce it receivables by writing down some of the uncollectable ones

The next announcement will be a new debt facility and a fresh new start.