NYSE:IVAN.WS - Post by User
Comment by
Oregonduckon Feb 23, 2015 7:36pm
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Post# 23457086
RE:RE:RE:RE:RE:How Ivanhoe Goes Bust
RE:RE:RE:RE:RE:How Ivanhoe Goes BustNazarbaz wrote:
Yes,
Debentures are unsecured while Roberts loan is secured against the assets of the company.
It is all Roberts other than maybe a penny on dollar for debentures.
It is their fault. they are certainly given the offer to be paid in company shares and they have not played ball.
Ekim, your question was answered correctly by Nazarbaz. IVAN will be delisted by Nasdaq on March 3, 2015. The stock will not re-open on TSX & will also be delisted. As for the Convertible Debenture Financing, it is commonly derisively called by some as "death spiral financing" due to poor credit risks of the borrower. Friedland & the Board got the Company into this mess which is not the fault of the debenture lenders. NEWS: 24th February 2015 By: Henry Lazenby TORONTO (miningweekly.com) – Heavy-oil exploration and development company Ivanhoe Energy on Monday said it would not appeal a decision by the Listing Qualifications Department of The Nasdaq Stock Market to delist the company’s shares on March 3, after Ivanhoe on Friday announced that it would file for creditor protection under Bankruptcy and Insolvency Act (BIA), in Canada. The company on Friday said the board had decided to file for bankruptcy owing to the company's current financial situation, saying that seeking protection under the BIA would be in the best interests of the company and all of its stakeholders. The company had recently defaulted on paying the C$2.1-million interest on outstanding 5.75% convertible, unsecured, subordinated debentures held by The Bank of New York Mellon, which was due on December 31. The company, backed by mining legend Robert Friedland, had received a default notice last week for the C$73.3-million issue.