The $65 million loan that the board guaranteed a year ago was intended in part to refinance the two earlier loans, according to the company.

Financial experts said they were keeping it afloat in hopes of recovering their earlier loans.

Tim pitched the idea to the independent directors as a replay of the earlier loan.

He continued to borrow to pay off earlier loans, compounding his problems.

In a second or third refinancing, any points on an earlier loan that are paid off are deductible.

The new financing that Russia is seeking would supplement an earlier $10 billion loan by the fund.

RK debt to Russia on earlier loans of about $ 170 million.

Before Russia can do so, however, it has to remove some of the roadblocks that held up the disbursement of an earlier $10 billion loan.

His bankers offered only 800 million won - then about $665 million - forcing him to default on earlier loans that had come due.

Much of that money was used to refinance earlier loans.