Interesting read about Maple - https://elcomercio.

Interesting read about Maple - https://elcomercio.pe/economia/dia-1/maple-en...leo-277303

So, Maple Gas was purchased for $63MM (disclosure: unsure how much was for Maple Gas and how much was for Maple Ethenol) by an investor consortium consisting of Maple Resources, led by Jack Hanks, and London investors. Their purpose was to rescue and clean up this good asset, buying its debt. .

And we have bashers claiming MMEX can't raise the money... pshh, please.

Quote:

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Now they are called Maple Gas?
Maple Gas was part of Maple Energy. This company had two subsidiaries: Maple Ethanol, whose assets were sold to Grupo Gloria, and Maple Gas, which was purchased by an investor consortium made up of Maple Resources ( a company led by Jack W. Hanks ) and London investors. What this consortium did was acquire the debt of Maple Energy, which gave it a series of rights over the company.
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How much was the debt?
Maple Energy owed US $ 19.8 million to the group of banks that ended up controlling its two subsidiaries [following the bankruptcy of the ethanol business]. But his total debt amounted to US $ 63 million , including the guarantees he gave for the ethanol project. It was a disaster that involved Maple Gas, a company that had always been very orderly. The work of the consortium was to rescue and clean up this good asset, buying its debt.

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