RE:BNN headlinejremple wrote: Saw something on BNN's "ticker" that said something about JE's auditor and questions about their financial reporting, but I can't find anything about that.
Has anyone seen any details on that? TIA
You can look up their financial statements. A material weakness regarding internatl control over financial reporting was reported by the auditor.
Looking at the balance statement as of March 31st 2021, it does not look good for shareholders, even with a $100M recovery.
They have trade payables of $922M and $656M of debt that's due in the short term due to the breaking of covenants. In total, they need over $1.5B in cash.
On the other hand, they have $215M in cash, $340M in receivables and around $70M in green credits. Even if you add a $100M USD recovery from Texas (say $125M CAD), that totals to just $750M.
I can't see how they would avoid a new restructuration and I doubt the common shares (which carry a negative book value at the moment) will get much in that case.