Consolidated Energy

The settlement of the Proman/Clico litigation is a potentially significant positive for CONSEN. The repayment of the USD250m loan to Proman would provide the funds to refinance the USD227m May 27 SSN when it becomes current. We had expected CONSEN to raise secured debt to make this repayment, and a group of TLB/SUN holders had been talking to the company about a potential deal. However, the level of cash and working capital to be released to Proman is not clear, nor is the use of this cash, but there is now the potential upside of the loan being repaid only a quarter late. 

https://www.sarria.co.uk/sarrias-news-flow/consolidated-energy-101225