Southern Pacific Resource Corp STPJF

More drama

[monzie]

Looks like the Second Lien noteholders are accusing management once again of giving the first lien holders preferential treatment.  And a request to extend the stay until May 29th has been filed.  On the plus side tho it looks like there were several bids from third parties as well, plus the company is also in negotiations to restructure the company - so maybe the debenture holders might actually get a few crumbs.

[Pandora]

I myself don't really care about the debenture holders getting crumbs. All or none as far as I am concerned. My money was as good as theirs -- same color same denominations. Spread the crumbs to all us pigeons.

[rad10]

problem is the capital structure, form a line behind The bank LOC, Credit Suisse, Second Tier and the trades / creditors.  Debentures will likely get something, but probably fare better in a recapitalisation.  

[monzie]

Well atleast with the Conacher deal the common shareholders get to retain 2% of the company. Who knows maybe the STP commons might be thrown a bone too.

[nikehercules]

Well well....according to the fourth monitor report it looks like getting rid of Altex has brought STP pretty close to operational breakeven despite the crappy oil prices. I bet they're haggling over more money since this quite a material change to the upside and the bid's might not reflect that value. Second lien looks like they're not the brightest of bulbs. Looks like they

[monzie]

No prob nike, the other weird thing about the 2nd lien guys is that they barely even accessed the data room, they're the ones who asked for an extension on the SISP to give them more time to review.   The natural gas fixed price contracts expiring will also help the push to breakeven - now if only these idiots had hedged oil at 90 bucks for 2015 or longer like some of the other oil

[nikehercules]

The only explanation is the 2nd lien guys have already written off STP and moved on. I woul really hope these guys can read a simple call for proposals. They can't be that stupid,....or can they? Here are 3 of them: https://www.lombardodier.com/en/Offices/America/Nassau/Presentation.html https://www.vr-capital.com/about-us https://www.whiteboxmutualfunds.com/about Maybe the whole point of