entergy - koch guys , i have just been told that pursuant to the terms of our agreement with entergy - koch we are obliged to provide them with a letter of credit ( to replace an existing one which expires ) for ? 20 m today ( by midnight ) or we will be in default - giving them the right to close out . i understand that it is not possible to provide an lc so we will need to cash collateralise them . we will either need to give them $ today or ? tommorrow ( when we will technically be in default , but they seem to be fairly relaxed ) . can you let me know how you would prefer to manage this asap . louise / ray , john or i will give you a call when you get in .
thanks
michael
entergy - koch
guys , i have just been told that pursuant to the terms of our agreement with entergy - koch we are obliged to provide them with a letter of credit ( to replace an existing one which expires ) for ? 20 m today ( by midnight ) or we will be in default - giving them the right to close out . i understand that it is not possible to provide an lc so we will need to cash collateralise them . we will either need to give them $ today or ? tommorrow ( when we will technically be in default , but they seem to be fairly relaxed ) . can you let me know how you would prefer to manage this asap . louise / ray , john or i will give you a call when you get in .
thanks
michael