Tuscany International Drilling Inc T.TID

This Agreement is UNTIL Jan 2014

[veronikagermany]

So they are working on the RF and this agreement is temporary to cover the December payment. This is why, an amendment (extension)  was necessary  until the RF is established.

"The Amending Agreement will allow the Company to make withdrawals from its debt service reserve account in accordance with the terms of the Credit Agreement, as amended by the Amending Agreement, up until January 2, 2014, or such other date as may be agreed to by the Agent and a required majority of lenders under the Credit Agreement".

[rivergreen]

This was talked about in the CC, the timeline coincides with the finalization of the M and P transaction. The consulting firm of FTI have been brought in by TID to help in the restructuring of the company going forward.

[Benjamin1]

It looks like they have almost 200 million income. They should be okay. Oustanding time to BUY.

[BigA!]

RG, You are correct. The timeline coincides with M&P transaction I think because it is mainly based around this particular transaction going through. TID likely needed to increase its working capital, and Credit Suisse isn't going to allow any restructuring without collecting some fees, which TID obviously can't pay now so they had to basically borrow against their credit agreement