On February 20, the senior note holders and prefer
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Posted On: 04/05/2017 7:18:15 PM
On February 20, the senior note holders and preferred shareholders released binding LOIs from escrow. They set forth in intricate detail the restructuring deal and it was binding.
On April 5, AMBS said:
As of April 5, they are presently working on a plan. When they are done working on a plan (past April 5), they will ask AMBS management to negotiate with creditors on the debt restructuring plan they come up with.
If they have binding LOIs showing the restructuring plan in intricate detail, there is no negotiation to be done unless they are striking a new deal. That's the way I read it at least.
Then they go on to say, that SeD has done its preliminary due diligence. As as a result, they won't be making any loans, investments or asset injections unless the creditors agree to new strategic measures.
Such strategic measures are obviously not already in the binding LOIs because they are yet to be agreed to. Again, a new deal. That's the way I read it at least.
Finally, they say that they can't guarantee that they will be able to successfully negotiate with creditors to "successfully implement a new strategic direction for Amarantus" and they may have to terminate the LOI.
Again, they are negotiating a new deal with creditors to implement a new plan. One not in the binding LOIs. Otherwise, there is nothing to negotiate. That's the way I read it at least.
Hope you are right. But I can't interpret it otherwise.
On April 5, AMBS said:
Quote:
The Board is presently working with management to evaluate the operations and financial structure of Amarantus, with a goal of restructuring Amarantus. The Board is also evaluating Amarantus' intellectual property, with a goal of determining strategic priorities, including which of Amarantus' intellectual property may be maintained for future projects, and which may be sold, cancelled or spun off into new entities. Upon the completion of the Board's review and formulation of a plan, the Board shall task management with engaging in discussions with creditors regarding the implementation of such plan for debt restructuring and potential reorganization.
As of April 5, they are presently working on a plan. When they are done working on a plan (past April 5), they will ask AMBS management to negotiate with creditors on the debt restructuring plan they come up with.
If they have binding LOIs showing the restructuring plan in intricate detail, there is no negotiation to be done unless they are striking a new deal. That's the way I read it at least.
Then they go on to say, that SeD has done its preliminary due diligence. As as a result, they won't be making any loans, investments or asset injections unless the creditors agree to new strategic measures.
Such strategic measures are obviously not already in the binding LOIs because they are yet to be agreed to. Again, a new deal. That's the way I read it at least.
Finally, they say that they can't guarantee that they will be able to successfully negotiate with creditors to "successfully implement a new strategic direction for Amarantus" and they may have to terminate the LOI.
Again, they are negotiating a new deal with creditors to implement a new plan. One not in the binding LOIs. Otherwise, there is nothing to negotiate. That's the way I read it at least.
Hope you are right. But I can't interpret it otherwise.
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