Niko Resources Ltd NKRSF

RE:in 3 lines or less...can anyone summarize?

[shiftman]

i will try
Niko owes money for rig leasing, credit facility is not guaranteed. They have to sell assets to pay  dept.  They can not particape in any high exploration wells until they find cash. The gas price increase in india is not guaranteeed.
in other words it looks like an oil exco situation.
Oil exco could not borrow anymore, dept was too high and company was forced into bankruptcy.
ceo did not sell his shares as he believed the company could turn around. They bought assets at bankruptcy sale and started up under another name.