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Tuscany International Drilling Inc T.TID



TSX:TID - Post by User

Comment by BigA!on Nov 28, 2013 1:42pm
209 Views
Post# 21950592

RE:RE:This Agreement is UNTIL Jan 2014

RE:RE:This Agreement is UNTIL Jan 2014RG, You are correct. The timeline coincides with M&P transaction I think because it is mainly based around this particular transaction going through. TID likely needed to increase its working capital, and Credit Suisse isn't going to allow any restructuring without collecting some fees, which TID obviously can't pay now so they had to basically borrow against their credit agreement. 

The news release comments on 255M of debt, which we know is going down once the transaction is complete, so this implies that the news release in part of getting the M&P transaction completed. 

I suspect Credit Suisse required TID to bring in the consultant guy as part of the restructuring agreement. 

IMO, this news release is quite good. It signifies that 1) Walter is on board and willing to take steps beyond just allowing BK and 2) Credit Suisse is on board and isn't pulling the plug. 
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