GREY:AIIFF - Post by User
Post by
duckdog68on May 23, 2015 11:42am
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Post# 23757325
New Monitor's report, May 21
New Monitor's report, May 21For those interested:
[url=https://documentcentre.eycan.com/eycm_library/Armtec/English/Monitor's%20Reports/2ndReportoftheMonitordated21May15.pdf]Link[/url]
Highlights:
- Armtec seeks to extend CCAA protection to end of July (past the completion of the Brookfield Transaction. Would a court order protecting Armtec automatically protect "New Armtec"?
- Projects cash flow at end of May to be $1.2 million for Armtec "wind-up" plan. Thanks to Steelvet, we know what the "wind-up" plan entails (CEO golden handshake)
- Monitor agrees that Armtec need not hold a Shareholders AGM, since due to insolvency, shareholders no longer have any "economic interest".
- Monitor is aware that Armtec continues to talk with a group of Senior Noteholders about alternate transactions.
The soap opera continues,
dd