start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)


Allied Nevada (ANV) ( news

Considering your humble scribe's stated position on Allied Nevada (ANV) ( and his utter contempt for anyone plug dumb stupid enough to have bought it recently, this news from Bloomie this afernoon makes for interesting reading:

Dollar Swap Gone Wrong Said to Push Allied Nevada to Hire Moelis
(Bloomberg) -- Allied Nevada Gold Corp., a miner that finds itself on the wrong side of a currency swap, hired a financial adviser to negotiate with lenders as its access to cash wanes, according to three people with knowledge of the situation.

Moelis & Co., the New York-based investment bank, is set to lead talks for the Reno, Nevada-based company as it prepares to restructure $543 million of borrowings, said the people, who weren’t authorized to speak publicly.
Allied Nevada has had to draw down on its $75 million short-term loan as its liability on the swap grows while the Canadian dollar depreciates versus it’s U.S. counterpart, according to a Nov. 3 regulatory filing. The gold and silver miner’s swap converts Canadian dollars from a C$400 million ($319 million) bond underwritten by Scotiabank and GMP Securities LP into U.S. dollars.

It's the balance sheet, grasshopper. The balance sheet.

h/t JS