FormerXBC Inc XEBEQ

Latest Press Release

[AlwaysLong683]

My hunch re. the "Interim Financing" PR dated October 21:

Creditors want XBC to be able to effectively function until at least January 2023 as that is when the process to see what XBC will be offered for some / most / all its assets will conclude. Staff needs to be retained to carry out this effort and creditors will want to know how much the assets are worth to interested parties. Goal of creditors is to get as much of the money they are owed as they can either soon or eventually whether XBC comes out of CCAA a restructurred going concern or not. The first step is to see what other parties are willing to pay for XBC's assets.

Excerpts from the PR I found interesting that I think support my theory above:

"The Court also approved yesterday Xebec's key employee retention plan ("KERP"), which permits Xebec to make retention payments to certain key members of Xebec's team deemed essential to ensuring the stability of Xebec's business, enhancing the effectiveness and success of the previously announced ongoing sale and investment solicitation process ("SISP") and supporting the Corporation's restructuring efforts. In addition, the Amended and Restated Initial Order extended the stay of proceedings against Xebec until November 28, 2022, subject to further extension. (My comment - the stay will almost certainly be extended in my view). The stay extension will allow Xebec to continue operating as a going concern as it conducts the SISP and pursues its restructuring.....

 

Parties interested in participating in the SISP are reminded that the deadline for submission of non-binding letters of intent is 5:00 p.m. (Eastern Time) on November 11, 2022 and the deadline for submission of binding bids is 5:00 p.m. (Eastern Time) on January 6, 2023....."

[yureja88]

https://nasdaqnewsreports.blogspot.com/2022/10/significant-lithium-discovery-with-more.html

[cashworx45]

https://nasdaqnewsreports.blogspot.com/2022/11/verge-of-breakout.html