GREY:AUAYF - Post by User
Comment by
WestCoastLeftyon May 14, 2010 5:34pm
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Post# 17101189
RE: KPMG 8th report out
RE: KPMG 8th report outYeah...I think these two paragraphs say it all!
Counsel for the Lenders has advised that the Lenders are not prepared to move forward at this time with the Potential Purchaser on its revised terms, and that the Lenders intend to proceed with arranging an alternate transaction with the Company. Counsel for the Lenders has also advised that the Lenders are considering the options available to them, but that it is likely that they will pursue a transaction that will involve a debt to equity conversion under a CCAA plan.
6.0
CONCLUSION AND RECOMMENDATIONS
6.1
As noted above, a transaction with the Potential Purchaser along the lines described in earlier reports now appears extremely unlikely and, accordingly, the Monitor considered it necessary to advise the Court and stakeholders of this as quickly as possible. However, the Monitor understands that the Lenders are in the process of developing an alternative restructuring plan and that they will provide more details in the short term, at which time the Monitor expects to provide a further report to this Honourable Court.