Globex Mining- Startschuss ??? (Seite 405)

[muenchenguru]

Hi Globexianer,

habe WilliamTell geschrieben, aber noch nichts gehört.

Bin gerade in Kontakt mit CEO Jack Stoch.
Wir schrieben erst allgemeiner, wie es läuft in den neuen Corona-Zeiten. Jack sitzt in Toronto fest , die Exploration in Quebec ist völlig eingestellt, insgesamt.
Immerhin hat der Staat die vorgeschriebenen Mindest-Exploration ebenfalls verlängert

[jamyson]

Antwort auf Beitrag Nr.: 63.285.193 von muenchenguru am 09.04.20 11:44:49

DANKE Guru

Wäre nett wenn du ihm schreiben würdest .mfg jamyson

[muenchenguru]

QMX hat vorgestern hervorragende Bohrresultate berichtet, auch im Val D'Or

[muenchenguru]

Hi Jamyson,

ja das ist wahr. Ich schreibe ihm mal

[jamyson]

Antwort auf Beitrag Nr.: 63.274.930 von Fels33 am 08.04.20 13:20:05

Moin ,Frage wollte William nicht im März wieder etwas Posten ,jetzt ist es April und nichts von Ihm zusehen .Komisch Ding .Ich hoffe Ihm geht es gut .schöne Osten allen zusammen und bleibt gesund .mfg jamyson

[Fels33]

Antwort auf Beitrag Nr.: 63.272.365 von muenchenguru am 08.04.20 10:04:51

Die sog. "freie Gesellschaft" sehe ich schon lange nicht mehr. Die gab`s, als ich jung war. Heute ist das alles ein Graus...

PS: Man sitzt halt herum und wartet, was der Regierung noch so einfällt. Besonders makaber: Bei uns sitzen die Grünen in der Regierung: Die Partei der Bürgerrechte...

PSS: Aber die Österreicher sind zufrieden....

LG
F.

[Fels33]

Antwort auf Beitrag Nr.: 63.272.335 von muenchenguru am 08.04.20 10:02:26

Hallo Guru

Im Moment ist Mid-Tennessee nicht relevant, weil der Zinkpreis unter 0,9 USD liegt und dort wohl auch eine Zeitlang liegen bleiben wird. Das Beste wäre für Globex: Nyrstar schließt temporär die Mine und ich denke, das wird auch passieren. Die neuen Eigentümer werden keine Lust haben mit Verlust zu produzieren und bei dem aktuellen Zinkpreis ist das fast zwingend. Als er das letzte Mal so tief stand, wurde die Mine auch stillgelegt....

LG
F.

[muenchenguru]

Wie geht's Euch mit der Corona-Krise ?
Mir persönlich gut, aber dieser surreale Shutdown halte ich für übertrieben, nach all dem was ich in den alternativen (Fake News 😁) erfahre.
In jedem Falle ist er aber totalitär und sehr gefährlich für eine freie, rechtsstaatliche Gesellschaft

[muenchenguru]

Es schaut also so aus als ob die alten Aktienbesitzer immerhin 2% des neu strukturierten Unternehmens bekommen. Nicht viel, aber besser als eine Totalpleite, wie wir sie wohl schon alle mit (Rohstoff)Aktien erlebt haben.

Was das für die Tennessee-Minen bedeutet, noch dazu in der jetzigen Weltlage steht noch in den Sternen....

[muenchenguru]

Habe mal geschaut was sich so bei Nyrstar tut:

Nyrstar Restructuring

Find out further information regarding Nyrstar’s restructuring

English | Nederlands

FAQ’s

Q1: Why is Nyrstar having to seek a debt restructuring?

A1: The Board of Directors of Nyrstar concluded that the Nyrstar group had a substantial and imminent additional funding need and that it would be unable to meet its liabilities and funding requirements in the coming year without a material reduction of its indebtedness.  The debt restructuring was the only means realistically available to preserve Nyrstar as a going concern in the interests of all of its stakeholders. 

Q2: What were the factors that led to the sudden deterioration of the Nyrstar group’s liquidity in November 2018?

A2: Nyrstar published its Q3 2018 Interim Management Statement on 30 October 2018. Whilst the Q3 financial performance was materially weaker than the prior year period (as previously warned in the trading update of 20 September 2018), the group believed it had adequate liquidity and announced it would be undertaking a capital structure review to address its upcoming EUR 340 million bond maturity in September 2019.  However, the market reaction to the 30 October 2018 results announcement was extremely negative including a number of adverse market reports and press commentary alongside a sharp deterioration in the trading prices of Nyrstar’s public securities.  Over the next two to three weeks, the Group experienced a sudden and unexpected deterioration of liquidity primarily as a result of the withdrawal and contraction of trade credit lines alongside the inability to replace maturing prepayment arrangements.  This deterioration of trade credit exceeded the Group’s available liquidity resources leading to the threat of imminent insolvency.

Q3: What is the objective of the restructuring?

A3: The restructuring is intended to:

avoid insolvency and to preserve value for the benefit of all stakeholders

keep the Nyrstar group trading and thereby to save the operations and the jobs of approximately 4,100 employees

obtain new funding in order to enable the Nyrstar group to cover its operating expenses and recover its competitive position (through the provision of a new money facility by certain of the group’s existing lenders)

Q4: How did this situation arise?

A4: Over recent years the Nyrstar group has been burdened by heavy capital investments with the restart of mining operations and the redevelopment of the Port Pirie lead smelter in Australia which required material additional investment.  Since IPO, the Nyrstar group has recognised total impairments of c. EUR 1.65 billion, predominantly on the carrying values of the mines and zinc streaming agreement with Talvivaara that were acquired / entered into between 2009-2011.  Such impairments have placed a great deal of strain on Nyrstar’s balance sheet.  This was coupled with a severe deterioration in the macro-economic environment which led to a combination of low zinc prices and TC rates such that in Q4 2018 and Q1 2019, the Nyrstar group faced an extreme deterioration of revenues and cash flows and increases in operating costs.  The group was also facing the maturity of the EUR 340 million high yield bond due in September 2019 (originally EUR 350 million).  Management implemented a number of measures to address the increased costs of the operating business and the short term liquidity challenges.  These measures have not been sufficient to make the existing balance sheet sustainable in the future and, in the absence of a balance sheet restructuring, Nyrstar and its stakeholders would face group-wide insolvencies. 

Q5: What was the process of the capital structure review and the reasons that justified the need for a restructuring?

A5: The Board of Directors was anticipating the need to address the EUR 340 million high yield bond maturity in September 2019 having recognised that a refinancing in the ordinary course was unlikely to be possible in view of the Group’s weak financial performance. Following the announcement of the capital structure review, the Board of Directors was then forced to act quickly to respond to the liquidity issues as they emerged in autumn 2018.  In connection with the capital structure review, it retained and instructed Morgan Stanley and Freshfields Bruckhaus Deringer LLP to provide advice in view of the challenging macro, financial and operating conditions being faced by the Nyrstar group; established a special committee to assist with a capital structure review; and appointed Alvarez & Marsal Europe LLP (A&M) as a financial advisory team to seek to stabilise the business and operations during the capital structure review.  The Board of Directors sought alternative financing arrangements as an interim measure, in advance of a wider restructuring.  This financing of USD 220 million, implemented in November 2018, was from Trafigura on an accelerated basis in order to meet the Nyrstar group’s immediate funding needs.  This facility was later rolled by the Board of Directors into a larger and extended term USD 650 million secured committed trade finance framework agreement (TFFA) in favour of Nyrstar.  Without this financing of USD 220 million and the USD 650 million TFFA, the Nyrstar group would have faced insolvency.

While the capital structure review was ongoing, the Nyrstar group took many steps to seek to improve liquidity and cash preservation, including: (i) reducing stock levels and concentrate purchases; (ii) negotiating consignment stock agreements with suppliers; and (iii) extending certain payments under the TFFA.  However, the Nyrstar group faced continued short term cash flow and liquidity pressure, including further working capital outflows in Q1 2019 and the September 2019 high yield bond maturity of EUR 340 million was coming closer.

Based on the foregoing, it became clear that the Nyrstar group would be unable to meet its liabilities and funding requirements in the coming year (both operating costs and the EUR 340 million maturity) without a material reduction of the group’s indebtedness.  As a consequence, the capital structure review necessitated negotiations between the Nyrstar group’s financial creditors in order to develop a deleveraging and funding plan as part of a comprehensive balance sheet recapitalisation.  Nyrstar engaged primarily with its three main financial creditor groups and each of their advisers, specifically: (i) the Ad-hoc Group of Noteholders, (ii) the Co-ordinating Committee representing the Nyrstar group’s banks, and (iii) Trafigura as lender under the TFFA and as potential capital provider, to develop a restructuring plan which was intended to achieve: (a) a significant deleveraging of the Nyrstar group; (b) a sizeable new capital injection; and (c) an extension to the maturity of certain debt facilities, which would be in the best interests of Nyrstar and all its stakeholders.

Q6: Why is the Board of Directors implementing a restructuring that leaves shareholders with a 2% equity interest in the restructured operating group?

A6: The Board of Directors believes that the Nyrstar group requires a material amount of new investment to avoid a likely insolvency due to an anticipated funding shortfall. Extensive negotiations with stakeholder groups have made it clear that any such funding would, at minimum, require a material de-leveraging of the balance sheet to ensure that the Nyrstar group’s capital structure is sustainable.  Due to the required impairment of debt and the very material concessions that had to be asked from the creditor groups, it is impossible to keep the existing shareholders’ stake in the Nyrstar group intact. 

Existing debt providers, who would rank above shareholders in an insolvency (so that they would be repaid in full before any money was returned to shareholders), are taking a write-off of over EUR 500 million in the restructuring.  Despite this and independent financial advisors valuing the Company’s equity at below EUR 0, the Board of Directors has succeeded in securing 2% of the restructured operating group and financing arrangements for Nyrstar NV (and thereby for the shareholders).

Failure to implement the restructuring is highly likely to lead to the insolvency of the Nyrstar group, which is anticipated to result in significant losses to most stakeholders, including the Nyrstar group’s 4,100 employees.  Absent the restructuring, it is likely that Nyrstar group entities will have to file for bankruptcy or insolvency (or another formal insolvency processes) in various countries, as a result of which the recoveries for shareholders would be zero.  The Board of Directors believes that the restructuring is in the best interests of the Company and all its stakeholders.  Furthermore, the 2% equity retention by shareholders is a superior outcome for shareholders compared to an insolvency of the Nyrstar group.