RE: Bridge Resources Corp. Provides Corporate Upda<<Bridge is fully current with interest payments on its senior facility but is not in compliance with the associated debt repayment schedule covenant. A restructuring of current debt arrangements or additional debt and/or equity financing is essential if Bridge is to meet current and future operating requirements. Bridge does not currently possess the financial resources to satisfy principal and interest payments due on its existing debt facilities in 2011,>>
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And someone had the gall to suggest that the verbatim pasting from the MD&A was "misleading". F me. BUK is all but shouting from the rooftops that they are bankrupt. If the banksters demanded repayment as per schedule, BUK would be in receivership the next day.
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Reality is BUK's assets are worth less than the debt they carry from the North Sea fiasco (ie worthless). All Idaho has done is divert attention from the 800# Gorilla - the inability to service (let alone repay) their debt. With $4 natty, Idaho is highly unlikely to generate sufficient cash flow to allow BUK to repay its debt and continue as a going concern.
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BUK is worthless. As in zero, zip, nada, nunca. Will they find somebody to refinance with death spiral financing? Yep. Plenty of sharks around who will tie up every asset BUK has and ensure no equity shareholders get a dime when it all comes crashing down, all the while charging exorbitant upfront fees and egregious interest costs.
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I suppose somebody will (eventually) make a profit in Idaho, but it won't be BUK investors.