2242749 Ont Ltd. AIIFF

Confused about what is going on here

[KevinGS]

Ok, I get that Brookfield is a secured creditor.  However, the company is in CCAA.  I am probably missing something, but doesn't there have to be a Plan of Compromise voted on by the debt holders or at least a lifting of CCAA before they can just sell off the assets to Brookfield?

I'm surprised that the committee of the senior noteholders isn't opposing the Brookfield transaction, considering that they get nothing if it goes through.  I know they are probably trying to keep things non-adversarial so that have a better chance of selling an alternative deal to Brookfield, but I would have expected a bit more assertiveness given the money involved.

[Thethruthhurts]

My understanding is the Brookfield is in first position here and has gone through the legal minimum's to get things to this point. New Armtec will operate enough to achieve a performance that keeps the assets sellable. Most of the Ontario companies are dogs with the exception of Durisol. The former owner is poised to take back the business because he still owns the land and the building

[Thethruthhurts]

Just saw the Q1 results on line and am a bit surprised at how quiet its been online. I don't really feel any win or gloat in saying I told you so -- but me along with a few others did. The sad thing is the incompetent leadership of the company has caused harm to many hardworking individuals and their families. The reasons for failure are obvious but the impact will be far reaching and to those

[2Greying]

The truthhurts has it right. Last quarter shows a lot of the previous losses were hidden and are coming out now. The thing that puzzles me is the lack of action by note holders...maybe they have a side deal? Something fishy! I can't believe that management will receive large payments for driving this into the ground. Brookfield will make significant changes over the next several month....hope

[KevinGS]

Writing this off and moving on is probably the rational thing to do.  After seeing the financial results, I'm a little surprised that Brookfield even proposed "the transaction" -- it might well be throwing good money after bad.  I'm also a bit puzzled by the tactics of the senior note holders (or their "Ad hoc committee", which is probably comprised of some

[Steelvet]

Upper management will laugh all the way to the bank. Anderson's employment contract calls for $1.2m if the company is sold or taken over.