Tuscany International Drilling Inc T.TID

Chapter 11 or 15?

[sailpgd]

it seems likely, with how long it has been, that Tuscany is going to file for bankruptcy. If they had sold a few rigs or received a long awaited payment then the PR would already come out. I don't want to think like this but this seems like the most plausible scenario.

[ruben12345]

Yep

[doggonemad]

ok, but they halted the stock first thing yesterday.  if they were going to file for chapter 11 would they not have announced that by now.  it is not like the stock can go down any further to make a significant change.  the stock is practically worthless, so if they were going to file for chapter 11 don't you think they would have just announced it.

[khaledb]

IMO... They are in negociation.... Walter-CS-TSX-other  lenders

[doggonemad]

yes, but the act of deciding to file is a material thing.....so would they not have to advise the shareholders that they have filed for chapter 11.....

[dogtoobad]

I don't think it is at this point yet. If CS delivers a notice of default, the board members would have to resign and there would be an announcement.

[doggonemad]

I just re-read the PR from last week, below: Tuscany has been engaged in discussions with its Senior Lenders regarding a restructuring of the loans outstanding under the Credit Agreement. Tuscany believes that a significant majority of its Senior Lenders support this restructuring, which would include a Chapter 11 or 15 filing in a U.S. court under the U.S. Bankruptcy Code and relief

[pennywyse2]

I think that once a company files for protection any outstanding debt at that time (secured, preferential or unsecured) is stayed (frozen) and can only be satisfied under whatever terms are eventually agreed to by the company and the creditors and approved by the relevant court. In order for the comany to keep operating and "work out" it needs a source of working capital, obviously it

[RonJadler]

The board members have to resign upon NOD?  What planet do you practice law on?! some interesting opinions being stated as fact.. 

[doggonemad]

anybody out there?  I am having a hard time understanding this.  TSX halts the stock on Friday morning!  They still have not made an announcement.  Don't understand the hold up.  If they halted the stock to announce Chapter 11 then do it by now.  What is the hold up.  Just come out and say they have started filing for chapter 11.  It is not like the

[JustforFun7]

Your wound way too tight bud.  Time to lighten your position.  JFF7

[khaledb]

strange that some guys in this board know who is running TID and that Walter went to Phenix but they don't know what is going on and what is the next PR.