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AGORACOM WIRE - FRIDAY MAY 25TH, 2012

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Message: News Report - Debt could be reduced-Unsecured creditors

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winchelsea

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Re: News Report - Debt could be reduced-Unsecured creditors

in response to Re: News Report - Debt could be reduced-Unsecured creditors by armstrong

posted on Feb 25, 09 02:09PM

Nobody has the answers.

IMO, the bidco deal was pre-arranged and the debt it would take on is set. All other debt, is tied to the balance of assets. It seems that would be the only way Art could arrange funds and get relisted. RBS and E&Y would have had to be in agreement. So, it then looks like that some creditors are going to take a major hit. Stock price will likely not make a real recovery for sometime.

COPIED FROM BIDCO OFFER,

Arthur Millholland was reported to have tabled a bid to take over nine of the company’s fields for no upfront cost and the assumption of about £49million worth of liabilities

Thats about 70 million cdn.

JMHO

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