FormerXBC Inc XEBEQ

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Xebec Adsorption Inc designs, engineers, and manufactures products that are used for purification, separation, dehydration, and filtration equipment for gases and compressed air. The company operates in three reportable segments: Systems, Corporate and other, and Support. Its product lines are natural gas dryers for natural gas refueling stations, compressed gas filtration, biogas purification, associated gas, engineering services, and air dryers. The company's geographical segments are United States, Canada, China, Other, Korea, Italy, and France.

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FormerXBC Inc > Stay Period & Judgement Urgent Ex Parte appl

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Comment by dalesio_98on Nov 30, 2022 11:03pm

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Post# 35141862

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Stay Period & Judgement Urgent Ex Parte appl

Have you been through CCAA before or followed any CCAA files?

The money Xebec spent to acquire assets is of no consequence under CCAA. The bidders submit the dollar amount they are willing to spend; the company is only worth what a buyer is willing to pay.

Listening to the Deloitte Monitor's comments during the Nov. 28, 2022 court hearing, it was clear the bids are insufficient for a plan of arrangement or make the creditors whole; hence, no funds for equity holders. I know of other CCAA files where companies were privatized and fire asset sales took place, bidder (s) made off with considerable assets for under $5M.

Time Will Tell All

The Monitor/NBF should and must get much more money than 22M$ for 2 of these assets (if they are allowed the time to negotiate with multiple bidders). These assets were purchased for more than $100M in cash.

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