RE:best scenario "CCAA is not proceedings of bankrupcy, debtor holders having priotity over shareholders in the distributionof the money as some people mistakenly believed."
Can you please elaborate on this? Why would creditors not have priority over equity holders in a cash distribution? Could you also please explain how you arrived at the conclusion that GXI debentures would not have to be paid out?
P23 64.iii states "substantially all obligations of GuestLogix Canada as tat Closing will be released as against GuestLogix Canada, but would retain their claim against the Excluded Assets."