RE:bxjuWell, kind of explains why they did not ship by air. And why a picture is worth a thousand words, I was envisioning a giant gardern hose as M Shaw said, and obviously I was not thinking large enough. It is funny to see how big these are.and why they would have to make do with whatever was available.
The new TAT presentation does not make a mention of the Thrace properites. The JV contract between TAT and VLE and the 3rd party is filled on Sedar. I looked at it when TAT hit their low, there are some provisions in it addressing credit default by any of the parties protecting and possibly enhancing the parties not in default. It sounds as if TAT should have released the news of the possible default back in Dec. With them being registered in the States, I would not be surprised if they did not have lawsuits on their hands for not releasing this info sooner. I think they are in a real mess which obviously involves VLE and no telling how this will turn out, good or bad for VLE.
Due to the precipitous decline in Brent crude oil prices during 2015, the borrowing base under the Company’s senior credit facility (the “Senior Credit Facility”) with BNP Paribas (Suisse) SA (“BNP Paribas”) and the International Finance Corporation (“IFC”) was decreased to $16.6 million effective December 30, 2015. The decline in the borrowing base resulted in a $15.5 million borrowing base deficiency under the Senior Credit Facility as of December 31, 2015. As of December 31, 2015, the Company had $32.1 million outstanding under the Senior Credit Facility and no availability.
On December 30, 2015, the Company entered into a waiver with the lenders under the Senior Credit Facility with respect to certain defaults that existed as of December 30, 2015, including, among other things, the borrowing base deficiency which the waiver requires to be repaid by March 31, 2016