Tuscany International Drilling Inc T.TID

Correct me if I'm wrong...

[templetooth]

Doesn't TID have to make a debt repayment of some $40 million this quarter, and some similarly large amounts in quarters coming up??? If I'm right, and I admit I haven't kept current on this situation, I fail to see the reason for excitement if a rig is sold for $18 million. Perhaps the quarterly news release will address the debt situation.

[rapid_fire_]

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[Fullblast]

Selling a rig will not solve everything indeed, but we assume that the company was also able to tap into the bond market to refinance its operations and that utilization is up. The market has been assuming the worst because od the balance sheet (debt), so if we have a clear indication that the debt situation is under control, the fog will lift. That, we will see tomorrow.

[dbeaude]

Hi Templetooth. Their current annual principal payment is $52 million plus interest paid quarterly on the 15th of the month. So under the current long term debt arrangement they will be obligated to pay $12.875 million in principal and about $4.5 million in interest for a total of about $16.4 million. I suspect that they will have a new debt facility in place by that time as the current