In Nigeria, Mart Resources Inc. (MMT) lost two cents to 4.5 cents on 21.1 million shares, after announcing the collapse of its second takeover proposal in less than 10 months. This one was for 35 cents a share and came from the Saudi Arabia-based Delta Group. The previous one was for an even more generous 80 cents a share and came from Midwestern Oil, one of Mart's joint venturers in Nigeria. Investors did not take either proposal seriously. Mart's stock never went near 80 cents, or even 70 cents, after Midwestern's proposal came along in March, mainly because of concerns that Midwestern would not meet the financing condition. Those concerns were proven correct when Midwestern abandoned its takeover efforts in late August. Weeks later, in mid-October, Delta came along with its 35-cent offer. Investors' financing concerns persisted and Mart's stock never even closed above 26 cents. Delta seemed to make a half-hearted commitment to Mart about a month ago, when it agreed to an $8-million private placement at just 18 cents a share in order to give Mart some walking-around money. Now both the takeover and the $8-million financing have been cancelled. This leaves Mart in a sticky financial position. As of Sept. 30, the company had a working capital deficit of $88.9-million (U.S.) and owed $200.5-million (U.S.) to the bank. It had previously convinced the bank to defer all interest payments until March 4, 2016. On that date, however, the debt becomes due as follows: $119-million (U 375008.S.) due in quarterly instalments over 36 months, $56.5-million (U.S.) due in quarterly instalments over 28 months and $25-million due in full within 90 days. Mart does not have that kind of money. It says it is considering its next moves.