An RTI reply, dated November 19 last year, from the EPIL
presents a sorry picture on the company's deployment by the state government in flood- ravaged Kedarnath.
3 million, reflecting the net reduction in the value of the investments held by EPIL
II during this period after charging interest of $10.
2 million in restricted cash held by EPIL III), compared with $1,013.
Elan has guaranteed loan notes issued by EPIL II (a QSPE, which is not consolidated under US GAAP) to the extent that the investments held by it are insufficient to repay the loan notes and accrued interest when they fall due.
0 million reflecting the net increase in the value of the investments held by EPIL II during this period after charging interest of $11.
1 million and increase Elan's diluted loss per share, after consolidating EPIL
III and Shelly Bay, from $6.
25% Senior Notes, might take in response to Elan's continued failure to complete its audited consolidated financial statements and to file with the SEC its 2002 Annual Report on Form 20-F, including the acceleration of that indebtedness; the ability of Elan to obtain, if necessary, waivers or extensions thereof from the holders of the EPIL
II notes, the EPIL
III notes or the 7.
The agreements extend to August 15, 2003, the EPIL II and EPIL III noteholders' waivers of compliance by Elan with certain provisions of the documents governing the EPIL II and EPIL III notes that required Elan to provide the noteholders with Elan's 2002 audited consolidated financial statements by July 29, 2003.
Among the factors that could cause actual results to differ materially from those described herein are the following: the ability of Elan to complete its audited consolidate financial statements and to file with the SEC its 2002 Annual Report on Form 20-F on or prior to the expiration of the waivers obtained from the EPIL noteholders; the actions that the holders of Elan's outstanding indebtedness, including its 7.
The agreements received from the EPIL II and EPIL III noteholders waive compliance by Elan with certain provisions of the documents governing the EPIL II and EPIL III notes that required Elan to provide the noteholders with 2002 audited consolidated financial statements by June 29, 2003.
As previously announced, the Office of Chief Accountant and the Division of Corporation Finance of the Securities and Exchange Commission (the "SEC") have questioned Elan's historic accounting for EPIL III and for a related transaction.