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IBI Group Inc T.IBG.DB.E

IBI Group Inc. is a global design and technology company. The Company offers a range of services, including architectural controls, architecture, bridge engineering, civil engineering, construction management, data analytics, design technology, development engineering, economics/financial analysis, electrical engineering, energy solutions, engineering, environmental assessment, geomatics/land surveying, highway and road design, and indigenous engagement and relations. The Company¿s services also include interiors, land use planning, landscape architecture, mechanical engineering, municipal infrastructure, operations and maintenance, parametric design, placemaking, planning and urban design, public outreach, research and development, software development, systems engineering, traffic engineering, transit planning, transportation engineering, visualization, water resources management, and water/wastewater. The Company has over 60 offices in major urban centers across the globe.


TSX:IBG.DB.E - Post by User

Bullboard Posts
Post by patenrighton Jan 03, 2014 6:48pm
320 Views
Post# 22057619

Evidence Pat bought the bonds

Evidence Pat bought the bondspost by patenright on dec 9, 2013 at 11:03pm   ID # 21988391

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Company is generating positive cashflow and servicing debt so I don't see bankruptcy.  Normally I would say yes as good way for company to reduce debt in a CCAA and come out less leveraged but the problem with CCAA in this case is Mgt owns a big chunk of the company , like over 30% so that will be worthless if they file CCAA so it is in best interests of Mgt to not file and again there is no real need to as they are still generating positive cashflow.  If things get worse, then yes they might be forced to whether they want to or not but right now it is not that dire. 

I bought this at $2.6 and will hold but I just bought the 2014 bonds rather than more stock as I believe the Bonds offer the best risk reward at 32 cents with possible 200% upside and zero  to limited downside as at the very least in a CCAA  bondholders would get equity in a newly capitlized company that would in all liklihood equal their 32 cents on the dollar and worst case 20-30 cents.  Shareholders of old company would be wiped out clean.  Of course equity has more upside than bonds if IBG can turn it around which I think they can but also has worse downside of $0 in a CCAA scenario.
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Bullboard Posts