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Took 70% haircut and now they are debt free. Only down side Sean is that his dshares diluted to 18% from 60%. White knights rescued him
Marco Polo Marine gets approval for Indonesian yard debt restructuring http://splash247.com/marco-polo-marine-gets-approval-indonesian-yard-debt-restructuring/
60m is based on friendship and business ties. But to be able to invest this much into a person with a high roller lifestyle and still not offering much in terms of ideas to change or refocus, is somewhat disappointing. Paid RMS 2millions who accept in shares.. seems like Sean Lee has 9 lives and he might have used most of them up already with bondholders. Anyone know what haircut did creditors take?
Bro I totally agree w you that MP life depends on OIL price and future investment.
At least they are not closed.
Share holders will have bonus warrants. And if at 0.035 exercise price ( 8 warrant for every 10 shares holded) . ( certainly higher then the 0.028 well relatively fair ) as we hv the options if we want to convert this .
I guess the path back wld be long
At least they are not closed.
Share holders will have bonus warrants. And if at 0.035 exercise price ( 8 warrant for every 10 shares holded) . ( certainly higher then the 0.028 well relatively fair ) as we hv the options if we want to convert this .
I guess the path back wld be long
vivivava ( Date: 01-Dec-2017 12:28) Posted:
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When are they opening the doors again? Seems like there are some holders trying to get out, at the same time, some trying to get in.
Last heard court already approved its restructuring plans.
I think, if remembered correctly 28 cents is the reference price. This is the price the investors paid.
Also, to remember the shares will be heavily diluted.
Now I Guess I need to go refresh and do some homework before the suspension is lifted. (Looking to buy)
Last heard court already approved its restructuring plans.
I think, if remembered correctly 28 cents is the reference price. This is the price the investors paid.
Also, to remember the shares will be heavily diluted.
Now I Guess I need to go refresh and do some homework before the suspension is lifted. (Looking to buy)
Anyone has any views of the whole restructuring? 60m from new investors all friends of Sean Lee. Main control will be transferred to owner of Super group. With long time analyst Terence Wong taking a small stake. Current creditors took how much of a haircut? RMS consultancy did not offer anything in terms of new horizon or new growth/focus. Recovery is banged on oil price essential.
Banks rank first when liquidation takes place !
alexchew ( Date: 16-Nov-2017 18:02) Posted:
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They will take their portion of secured assets.
jackson5 ( Date: 16-Nov-2017 17:56) Posted:
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Bank will not take 80% hair cut . They would prefer to liquidate the company .
pnuklis ( Date: 16-Nov-2017 17:37) Posted:
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I wonder what is the result of banks voting today?????????? No news may not be good news! Hope Singapore banks ready to take 80% haircut setting a new benchmark for other counters to follow.
you saw??
Sean and his families still fly biz class , not bad la.
This is a good lesson for bond buyers. When one buys into a small issue ($50M) from a small company, there is no participation from institution players. So no one knows what to do. In a pratically default case like this, one can sue the company to fulfill her obligation to pay the bondholders, i.e. declare bankcrupt, sell the asset pledged. But there is unknown legal cost involved in this. It is probably also not clear how much one can get from the sale of assets.
The settlement looks lousy. Maybe asset sale is even worse. It should be noted that the 32K in share is vaued at $0.035 whereas the ' white knights' got them at $0.028. We will know when the market opens
The settlement looks lousy. Maybe asset sale is even worse. It should be noted that the 32K in share is vaued at $0.035 whereas the ' white knights' got them at $0.028. We will know when the market opens
Sean has a high lifestyle with his wife , Vivian su , at the expense of the shareholders and bond holders .
pnuklis ( Date: 16-Nov-2017 10:21) Posted:
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This means in layman terms for every S$250,000.- bond you get back 32K in cash and 32K in shares which in total amounts to 30% recovery. This is better than others offer. But still all bond holders feel cheated as CEO going around in his Poshe and bond holders are left high and dry!
Great to have differing views, and this is what the forum is for.
Anyway, true that the option of using Rights issue will only result in (possibly) millions spent on agent/management fees. Eventually the shares will still be diluted. Bonds need confidence from the public. Surely management had already explored the options available.
And if the deal to the &ldquo lenders/investors&rdquo is not sweet enough, who would want to bail out MPM? We all knew it&rsquo s difficult to borrow from the banks nowadays, those in shipping/O& G industry would be worse. If you are in IT, it definitely much easier to get funding.
I still believe it&rsquo s a positive move to open the door rather than to stay suspended indefinitely.
Anyway, true that the option of using Rights issue will only result in (possibly) millions spent on agent/management fees. Eventually the shares will still be diluted. Bonds need confidence from the public. Surely management had already explored the options available.
And if the deal to the &ldquo lenders/investors&rdquo is not sweet enough, who would want to bail out MPM? We all knew it&rsquo s difficult to borrow from the banks nowadays, those in shipping/O& G industry would be worse. If you are in IT, it definitely much easier to get funding.
I still believe it&rsquo s a positive move to open the door rather than to stay suspended indefinitely.
If you look deeper, you can tell the mgmt is scheming. Basically they are ripping off existing holders be it equity, note or debt.
If they raise thru say right do they need to fork out their own money? The answer is yes.
Now do they have to? The answer is no.
If the coy toh, can they still get their fat pay? The answer is no.
Now can they still get paid? The answer is yes.
They impaired 70%-80% of their vessels while most impaired 20%-30% only. Seeing the company is in negative equity and is likely to toh, can the existing holder resist. Can take a little back now is better than nothing. The company managed to created this outcome thru "clever" financial engineering.
With year end audit, auditor might think they impaired too much and reversed some. Suddenly those $60 mil holder got something worth more than what they bought out initially which they knew and existing holders simple got back much less than what they actually be getting.
Lastly don't tell me owner lose more because of whatever. At this stage, they got nothing. Now they can still get fat pay in the name of turning over the company.
Whatever they are successfully or not is important to holder but makes little to the mgmt who get fat pay in any case.
If they raise thru say right do they need to fork out their own money? The answer is yes.
Now do they have to? The answer is no.
If the coy toh, can they still get their fat pay? The answer is no.
Now can they still get paid? The answer is yes.
They impaired 70%-80% of their vessels while most impaired 20%-30% only. Seeing the company is in negative equity and is likely to toh, can the existing holder resist. Can take a little back now is better than nothing. The company managed to created this outcome thru "clever" financial engineering.
With year end audit, auditor might think they impaired too much and reversed some. Suddenly those $60 mil holder got something worth more than what they bought out initially which they knew and existing holders simple got back much less than what they actually be getting.
Lastly don't tell me owner lose more because of whatever. At this stage, they got nothing. Now they can still get fat pay in the name of turning over the company.
Whatever they are successfully or not is important to holder but makes little to the mgmt who get fat pay in any case.
dragonboy76 ( Date: 16-Nov-2017 08:39) Posted:
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my main query is why not raise cash from market through fund raising?
And there is a main difference: lenders get the shares at a low price. long term investor holding shares at much higher price. they would not be willing to sell at a loss since there is new hope that MPM may survive and turnaround.
with just some push on the price, lenders can easily offload their shares to market who in turn thinks the shares will continue to go up (and also comes with free warrants).
winners are still the lenders.
And there is a main difference: lenders get the shares at a low price. long term investor holding shares at much higher price. they would not be willing to sell at a loss since there is new hope that MPM may survive and turnaround.
with just some push on the price, lenders can easily offload their shares to market who in turn thinks the shares will continue to go up (and also comes with free warrants).
winners are still the lenders.
MichaelSchenker ( Date: 16-Nov-2017 08:24) Posted:
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Yes, it is a possibility they will cash out. But remember, so does the public. It goes both ways. Imagine if trading resumes, long-existing holders chose to make an exit, pulling down the price to below 0.028
As for the low share price, because it has already been diluted due to the issuance of more shares. I think this is a better arrangement than to let the counter be suspended indefinitely.
Existing shareholders may think their shares is worth a lot, regardless how much they paid. So, best is to open the door again, let market decides what it is worth.
As for the low share price, because it has already been diluted due to the issuance of more shares. I think this is a better arrangement than to let the counter be suspended indefinitely.
Existing shareholders may think their shares is worth a lot, regardless how much they paid. So, best is to open the door again, let market decides what it is worth.
dragonboy76 ( Date: 16-Nov-2017 07:24) Posted:
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Curious why they choose to borrow 60 mil in exchange for share issuance to lender at such cheap price 0.028 rather than find raising from open market? Those lenders can cash out their allocated shares in open market