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Tuscany International Drilling Inc T.TID



TSX:TID - Post by User

Post by CDNOilon Jan 29, 2014 9:35pm
153 Views
Post# 22150992

Trying to keep faith

Trying to keep faithI really don't know how things are going to end, but I still have some faith left. I just don't see how it could have gone that wrong, that quickly, and right after cleaning up the balance sheet, the deal with M&P, etc. Company was profitable and on the way to increased profitability through higher utilization rate, lower G&A, etc. Yes, debt repayment was an issue because it was over too short a period of time, especially with the current reduced utilization rate, but I don't see how they couldn't find a way to make the January payment and live to fight another day (and get HRT settlement, increased utilization rate, new terms on debt repayment, etc.). I'm sure HRT would have been willing to settle for 0.50$ on the dollar settlement. I'm sure we could have sold 1-2 rigs at 0.50$ on the dollar. There were a number of solutions. None were ideal but they would have kept TID alive for another few months, giving the company time to get 1-2 good news. Makes no sense to me that this would be the end. They should have been easily able to find the $15M or so needed to make the payment.
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