2242749 Ont Ltd. AIIFF

New Monitor's report, May 21

[duckdog68]

For those interested:
[url=https://documentcentre.eycan.com/eycm_library/Armtec/English/Monitor's%20Reports/2ndReportoftheMonitordated21May15.pdf]Link[/url]

Highlights:
- Armtec seeks to extend CCAA protection to end of July (past the completion of the Brookfield Transaction.  Would a court order protecting Armtec automatically protect "New Armtec"?
- Projects cash flow at end of May to be $1.2 million for Armtec "wind-up" plan.  Thanks to Steelvet, we know what the "wind-up" plan entails (CEO golden handshake)
- Monitor agrees that Armtec need not hold a Shareholders AGM, since due to insolvency, shareholders no longer have any "economic interest".
- Monitor is aware that Armtec continues to talk with a group of Senior Noteholders about alternate transactions.

The soap opera continues,
dd

[retirebefore50j]

So that says it all. My 2000 shares aren't worth a damm things. 

[duckdog68]

Correct, unless a transaction "superior" to the Brookfield Transaction was arrived at which paid off Brookfield, satisfied other creditors, and relished shares on an exchange.  Looking lvery unlikely, with only one week before the sale to Brookfield in complete. dd

[alkhor]

They need to look at what Yellow Media did and do something similar. Off the top of my head here is one possibility: Brookfield get 75% of Newco plus 35 cents per dollar of new debt Noteholders get 10% of Newco plus 20 cents per dollar of a new debenture. Debenture holders get 7.5% of Newco plus 20 cents per dollar of a new debenture Shareholders get  7.5% of Newco. Total

[alwhore]

Have you bought anything that has not gone bankrupt Alkhor ?

[threebigwinners]

This post has been removed in accordance with Community Policy