Why would the bankers agree to increase the RBL from $130 MM to $200 MM ?

 

Only to say no when all is said and done ?

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The main problem that I see is that there are simply too many moving parts here.  A PP based on a confirmed senior RBL, which is contingent on $60mil. brige financing.  Or is it the $60mil second lien that requires the PP that requires the senior RBL.  Or is it?????   And all of this contingent on putting aside enough cash to carry the bankers for the first few months - or some such nonsense.  Who the F knows anymore.  And to think that back last spring the financing was oversubscribed - bankers where falling over themselves to get a piece of this.  They had $130mil confirmed and $92mil in equity.  Are the same banks involved?  If not then you have to ask yourself why not.  Why would bankers be falling over themselves back in the Spring and not sign on for the current project.  And for those who did sign on why are they so frigg'n hesitant to complete the deal.  No doubt management has taken this one to the limit risk wise and if they pull it off fantastic, but I'll tell you, if they come back this week with anything less than what they have promised look out.  No half measures here, otherwise as Kensho suggests they will look like fools in Aberdeen.