GREY:LGLTF - Post by User
Post by
Yun321on Jan 25, 2017 9:31pm
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Post# 25756211
KGIC is bought ? by MBA?
KGIC is bought ? by MBA?
CIBT buys $12-million debt, closes $2-million placement
2017-01-25 20:37 ET - News Release
Mr. Toby Chu reports
CIBT REPORTS PURCHASE OF SENIOR SECURED DEBT, COMPLETION OF PRIVATE PLACEMENT & SUSPENSION OF SHARE BUY-BACK
A subsidiary of CIBT Education Group Inc. has completed a debt assignment agreement to purchase from a Canadian bank approximately $12.3-million of secured debt for $3.1-million. The debt is owed to the bank by a group of colleges with 19 locations operating in British Columbia and Ontario. As a result of the debt assignment, the CIBT subsidiary replaces the bank as the debtor's senior secured creditor.