With falling fuel prices, it has been a tough time for smaller energy companies, and Ivanhoe has been reeling from the blow of the near halving of oil prices. Founder Robert Friedland is on hand again to pump the company up with yet another loan, this time to the tune of $540, 000 on top of the $2 million he has already loaned to the company to stay afloat. This was necessary to prevent it from defaulting, and the deadline was December 31.
Several options are available, including selling the company, a sale of some of its assets, recapitalization or debt restructuring, according to Seeking Alpha. In October, Friedland resigned as executive director and co-chairman of the company, but he is still the largest shareholder, and owns 16.8% of the company’s shares.
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