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[sludgehound]

old IVAN in trouble

Mark Mobius was saying sees crude mid 50s then back to 80s 90s.
Kuwait FM sees mid 40s.

08:56 AM EST, 12/12/2014 (MT Newswires) -- Ivanhoe Energy (IVAN) said Friday that the company's board of directors is working with its financial advisors to address ongoing liquidity problems, including the possible sale of all or a portion of Ivanhoe's assets, and debt restructuring.
Ivanhoe's liquidity problems are immediate; the company said that it does not expect to make the cash interest payment (approximately USD$1.8 million) due on December 31, 2014 in respect of its outstanding 5.75% convertible unsecured subordinated debentures.
Strategic and financial alternatives under consideration are focused on relieving the financial burden of the company's current debt structure and obtaining additional financing necessary to fund ongoing operations, the oil exploration company said in a statement.
"Without timely access to additional financing, there is significant doubt as to the company's ability to continue as a going concern," Ivanhoe added in a statement.
IVAN shares closed at $0.85 on Thursday, in a 52-week range of $0.75 and $5.52.
Price: 0.85, Change: , Percent Change:
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