RE:RE:RE:RE:RE:RE:RE:the grace periodCBCA section 192 - is a form of credit protection - man this is painful.................... It doesn't guarantee a stay of anything just buys time.
If an arrangement can't be met with the unsecured creditors - (they will need a double majority) the company will likely go down the CCAA path. This will involve a monitor and and the unsecured / equity will be completely wiped out. Given the limited amount of secured debt - I am absolutely fine with the company going down the CCAA / BIA route..............................
FYI - secured notes are trading up on this announcement at 82 cents on the dollar............
P.S. I am not short this company - too expensive.
Disclosure - long secured notes.