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Post by zukicow67 on Mar 26, 2015 20:46:23 GMT -7
My 2 cents; none of it made sense - that the bank would call a loan for 35 mil with 160-180 mil in assets and a solid Q1 2015 full of work with extreme interest from Chesapeake, Enervest, Blackbrush, H&R, EOG, Husky, Progress, etc. The new sales guys brought in in 2014 Q3 were doing a great job of getting work, operations just couldn't seem to do it. Then extend the loan deadline twice to accommodate the purchase... hmmmm. I think they had a pretty good strategy for 2015 but not a very cohesive executive team, just couldn't pull it together. Sell the job, do the job, collect the money for the job; it don't get simpler than that. Oh well - onto the next oil boom!
I'm interested to see if Calfrac actually bought the IP (or what it is they purchased with GES LP) and what they'll do with it - they were always a strong bet with the original executive but will be interesting to see if the new (a year ago) CEO and other mgmt will be able to weather this storm, their stock is about 40-45 % of what historically has been and they always delivered!!
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