Baffinland Iron Mines Corp. almost missed its window to ship provisions to 200 workers in the Arctic before winter arrives. The company ran out of money to pay for food, fuel and drilling equipment due to its unpaid ABCP. Without the money, the company had to arrange an emergency line of credit before shipping lanes froze over.
The company had $43.8 million frozen invested in commercial paper with Coventree and others.
Source Bloomberg.
Tuesday, September 25, 2007
200 Baffinland Iron Mines Workers Almost Without Winter Supplies Because of ABCP
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September
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- ABCP Bailout Plan in Trouble
- 200 Baffinland Iron Mines Workers Almost Without W...
- On The Collapse of CDOs and ABCPs
- Coventree Slashing Workforce By 30%
- Has the DJIA Really Risen 7% in 2007?
- Tougher Rules on ABCP Rating
- Record Wheat Prices Force Italians to Boycott Spag...
- Just 50 Cool Yachts Are Needed to Reduce Global Ca...
- Aginflation, Food and Agriculture Inflation
- Red Corp CEO Blasts ABCP Process. A Matter of Lead...
- $140B in commercial paper due by the end of next week
- Holders of the"Bailed-Out" ABCP Could Lose 50%
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