CANEXUS CORP 6.5 PCT DEBS T.CUS.DB.D

RE:RE:RE:RE:unsecured notes

[Kherson]

mo1975 wrote: these notes to be guarantee by current and future subsidiaries... does anyone know who the current subsidiaries are???  

so i look back at the last month or so...... replanning the credit facility to the tune of 400+ million
revolving credit of 75 million and now issuing 75 million of unsecured notes..... if that does not spell somoene who is badly in need of cash....as in cash flow..... who does.....so we push back the existing credit,,, organize to be able to borrow 75 and then issue note for another 75.... now you indegbted to the tune of 600 million or so  you would need a net profit of 30 millions just to pay the interest..... and did nt they say they wanted to lower their debt by 100 millions for this year....looks like someone took the wrong side of a one way street...

Since these notes are unsecured and since Canexus uses the term Pari Passau, if the company seeks CCAA protection, which I believe they will, these notes will be worth nothing. Keep in mind that since Canexus has a negative BV, there will be little chance of any of the unsecured creditors getting anything after Canexus seeks CCAA protection.
The third quarter results will tell the tale!
Kherson