RE: GoneExcellent work cutting staff and expenses. This is the only way forward:
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1) Hunker down and complete SJT 1 and 2 with the available project loans, and feel grateful for these massive loans (which would be impossible to obtain the current market). Cut corporate spending and development of other properties to a minimum for the next two years or so, at least until SJT 2 is proven.
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2) Once you have consistent positive cash flow for a significant period of time, and the economy recovers, then a lot of options open up. The high-interest corporate debt facility can be replaced by longer-term, low interest debt. Or the stock price responds to good performance and you're able to raise equity at a higher stock price to pay off the corporate facility.
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3) If possible, pursue joint ventures or asset sales. Don't spend a dime on Geysers or Orita, make a deal and let Ormat or Calpine or Alterra take the risk.
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I do believe the SJT 1 and 2 plants will be still be running profitably 50 years from now. The massive debt that Ram carries can be managed intelligently, or unintelligently, letting the banks and the vultures taking over the properties for pennies on the dollar.