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Gold/Mining/Energy : Repap (RPAPF)
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To: tnl who wrote (34)12/16/1997 2:13:00 AM
From: C. T. Williams  Read Replies (1) of 485
 
Repap strategy (from their quarterly report of the quarter that ended 30 Sep 1997):

"The major issue facing Repap today continues to be an over-leveraged capital structure. This is manageable under good market conditions but is unacceptable long-term for a capital-intensive business subject to volatile market swings. Our objectives are to focus on performance factors which are within our control and to use free cash flow for debt reduction."

So there you have it. As long as coated paper prices stay high enough and expenses can be controlled, they'll be able to pay down their debt. They've sold off profitable and unprofitable assets to pay down debt. Now they're down to their last facility. If they can use their last facility to continue paying down debt, then the value of the company will go up.

CW
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