Sibanye Stillwater (SBSW): "...8.7 At the same time, SouthGold issu...

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goldenpolarbear

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goldenpolarbear

Re: None

Thursday, 07/21/2016 8:53:54 AM

Thursday, July 21, 2016 8:53:54 AM

"...8.7 At the same time, SouthGold issued the note holders with a security guarantee for the debentures. The intervening parties, Credit Suisse AG and Standard Chartered Bank are creditors of South Gold to the tune of some US$ 80 million plus a further US$ 25 million as post commencement financing...."
http://www.saflii.org/za/cases/ZAGPJHC/2013/33.html
Why was post commencement financing provided if Credit Suisse and Standard Bank have nothing to gain from SouthGold or the Burnstone Gold Mine?

Why would any bank throw away $25 million to gain nothing?

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=124017087

BRP: Great Basin Gold's Southgold Exploration/Burnstone Mine
V-Squared Business Rescue Services (Pty) Ltd
September 2012 – July 2014 (1 year 11 months)Johannesburg Area, South Africa, cross border work USA, Canada, UK, Switzerland
Business Rescue successful. Up to 2000 jobs saved. Total deal value approx R2.75 bil all in.
https://za.linkedin.com/pub/peter-van-den-steen/4/344/639

Peter Van Den Steen
Joint BRP : Kudu Granite Operations, Kudu Granite (Marikana), Marlin Granite, BP Granite, Nell Brothers (Pty)Ltd
Johannesburg Area, South AfricaFinancial Services
http://cfcanada.fticonsulting.com/GBGL/docs/GBGL%20Second%20Report%20of%20the%20Receiver%20June%2026,%202014.pdf

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