GREY:LGLTF - Post by User
Comment by
birdie22on Oct 17, 2016 9:46pm
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Post# 25353954
RE:Excellent news today
RE:Excellent news todayI especially like this part
" "We believe that we have proposed a debt restructuring plan that is beneficial to the Company and its stakeholders", said Alex MacGregor, President and Chief Executive Officer of the Company. "Provided that we are able to satisfy the conditions to completion of the Loan in the time mandated by the lender, management is confident that successful completion of the Debt Settlement Plan and the Loan will preserve value for the Company and its stakeholders and will provide the working capital needed to work towards the accomplishment of our objectives. Based on discussions that we have had with debtholders to date, we have received confirmation that holders of approximately $19.4 million, or 70%, of the Company's existing outstanding debt, including Bank of Montreal, are agreeable to converting their debt in accordance with the terms of our Debt Settlement Plan".