GREY:ROAOF - Post by User
Comment by
discernon Feb 04, 2009 6:52pm
379 Views
Post# 15752919
RE: Bankruptcy Protection for Oilexco next...
RE: Bankruptcy Protection for Oilexco next...This tells me that E&Y did not pay the debt owed on Jan 31st. Naturally, the banks then look for other available guarantees to pay off the asssets. There must have been a clause that if payment isn't made, then the entire contract is payable.
Not good news for OIL, I think it is basically over for them. What this means to the final outcome for shareholders is up in the air.