TSX:CUS.DB.D - Post by User
Post by
Khersonon Jan 17, 2016 9:41am
203 Views
Post# 24466174
Ronstren and her many Aliases
Ronstren and her many AliasesThe poster Ronstren is here for a reason. To post under at least a dozen different aliases defending the proposed merger speaks volumes.
Ronstren, you and I both know that Canexus will have trouble finding the money to make that $7.5 million dollar down payment on their revolving line of credit come March 31, 2016. The question is, what happens if they can't? Would CCAA protection be the next step?
Let's say that Canexus does indeed enter CCAA protection come April 1, 2016. Anyway you slice it, the banks will get paid, but the shareholders and holders of the debentures may get nothing. Now you know why the price for the shares and debentures are so low, the risk of bankruptcy is still present!
The next question will be, would Superior still be able to acquire the assets of Canexus. The fact is that there is a deal on the table, but if the equity is considered worthless, then Superior may indeed be able to acquire the assets by assuming the debt. The sticking point will be, what percentage of the Debentures will Superior be required to honor?
What folks need to realize is that the ASC does indeed read this particular SH forum. If you don't believe me, then read over Micheal Wing-Fai Chang's settlement with the ASC. The funny thing is that he didn't post anything last March that had not already been posted on this SH board.
Kherson