Tuscany International Drilling Inc T.TID

10 days

[Fullblast]

By the way folks : "Senior Lenders have agreed to forbear from exercising their rights... until Febrary 3rd"... that's just 10 days ! It's nothing. Very short period of time under chapter 11.

[rivergreen]

Not sure I'm picking up on what your putting down, can you explain? 

[Fullblast]

You know what, my understanding as I keep reading this is that TID has entered an agreement directly with it senior lenders (including CS) to postpone any payment until february 3rd. Any breach of this agreement will may lead to TID filing for chapter 11. That is not the case right now. If TID were to file for chapter 11 or 15, it may have negative consequences for TID's listing on the TSX, if

[rivergreen]

What I mean is, "what do you mean only 10 days"

[Fullblast]

TID expects its financial situation to be in order in 10 days. It will resume its normal financial obligations. We, as shareholders, won't have to wait months.Restructuring is moving along quickly.

[rivergreen]

I think your right FB, but until everyone assesses this we are most likely going to see more dumping of shares on Monday ! 

[Jay8989]

And can we at least be sure that they will be able to pay on 3. Feb? What about the rest of their debts? Will that be paid from TID's profits of the next quarters? Is this still a stock to invest in (I'm long)? I'm ready to wait, that's not a problem.  But regarding their situation, will they make it in the long term...? I still can't stomach that Walter would just

[rapid_fire_]

This post has been removed in accordance with Community Policy

[pennywyse2]

Can't you guys read english? 1. The company is in default under the credit agreement, either they could not make the payment or some other event occurred to put them in default. 2. The lenders have given the company until Feb 3 to file for bankruptcy protection in the USA (Chapter 11) and relief under Company's Creditors Relief Act in Canada, essentially the Canadian version of Chapter 11.

[onthecase]

Then why has CS been accumulating the stock? And why not go directly to Chapter 7, instead of adding an extra step with Chapter 11? With the restructuring officer in place, the creditors wield control at this point either way. Not saying there is a miracle lying in wait, but there is more to be revealed here.

[michelleb33]

Just got on to check whats happening. Had a few. Saw the NR. So they defaulted. So do we expect further dumping Monday from this. Been a holder for about a year and many of the longs a lot more. Do we dump Monday and get whats left on our investment or let it ride. T

[michelleb33]

We are always the last to know on whats going on. We are not privy to the information before it comes out. I knew that coming in to the market work for a bank and I always knew that the reg investor is always at a disadvantage. We are at 5 cents now. Does it really matter if it goes to zero now.