Commercial Solutions Inc CSOSF

Debt levels

[DTM5]

They have to clean up their debt and get control of the company again by restructuring their band debt and getting rid of that Mezannine financing.   Both the bank debt and the Mez financing have unbeleiveable conditions attached to them.  See pages 6,7,8 of thier Q3 results for the details.
The potentially scary news is they are still looking at (and spending money on) moving to an asset backed lender.  I'm no expert, but I understand that this type of financing is typically a 'last resort' and very problematic.
Every other mid/microcap Canadian company is currently raising money by issuing subordinated debentures.  Far better interest cost, no restricitve and controlling covenants, many of investment dealers who will float smaller (sub 20m) deals.  
With a little creativity CSA could clean up its balance sheet, cash up and have predicitable, non-intrucsive financing in place.  
Part of that arrangement would be to generate some interest and coverage on the stock to facilitate stronger stock price optics.  Maybe in association with a firm who does the debenture offering??   Wheres the effort in this regard??  COME ON CSA MANAGEMENT!!  I know you are based in beautiful Alberta but please can you pick up the phone and talk to some people?  Get something done??  Fly to frickin Toronto and shop some debentures and get it done!!!
The competition is buying up the marketplace and making serious inroads while CSA spins its wheels!!!  I'm not going to name names but Senior leaders at this company are really not executing on the captial needs of the company.  Right now lenders and the bank control the whole thing.
I sincerely hope that the current mez financing and the upcoming asset backed loan isn't through a 'friend' or 'related party' of / to CSA management.
I'm going to give them credit for cost cutting and getting the bleeding under control but this asset backed lending thing has a bad smell on it.