The Forbearance Agreement, initially announced on
There can be no assurance that the Forbearance Agreement will be further extended or, if it is extended, what the terms of such further extension will be. If the Forbearance Agreement is not extended at the end of the Forbearance Period, Silver Lake and BNPP will have the right to demand immediate repayment of all outstanding indebtedness under the Debt Facilities and to initiate steps to enforce their rights.
The Strategic Review Process has not yet resulted in any binding offers being received by the Company. Discussions are, however, ongoing with a number of parties with respect to a potential transaction. While the Amending Agreement allows for such discussions to continue, there can be no assurance that such discussions will result in a transaction, what the value of any transaction might be, what the terms or timing of such a transaction might be or that the Company will be able to continue as a going concern if no transaction is concluded.
At the time of issuing this news release, the Company does not expect that the Strategic Review Process will result in a transaction which would provide any value for holders of
In order to preserve liquidity to support the Strategic Review Process, the Company has continued to defer the implementation of various mitigation measures that were aimed at addressing the production variance from plan experienced to date in 2021. The Company has also reduced certain sustaining and expansion capital expenditures. However, based on the Company's current cash flow forecast, the Company will require additional financing prior to the end of 2021 in order to continue operations and conclude the Strategic Review Process. While the Company is in discussions with a number of parties regarding such additional financing, there can be no assurance that the Company will obtain the required financing or what the terms of such financing might be.
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