Complicated, but certainly not Dead The following extract from the Bond Tribunal is most likely the reason for delay and protection, in particular the new date (17th or 24th Feb 2020) for the hearing (cancelled from 20 Jan 2020). Obviously the final financing cannot be completed without the Bond issue being resolved, hence the reason for filing protection, but then again I was hoping that the Palinghurst new financing could still be announced. Very complicated situation and there will be a lot of twist and turns before this is 'dead or flying'.
Link to full text follows extract;
8. NEXT STEP [ 42 ] Nordic goes against these principles and against the Tribunal's management orders, which is unacceptable.
[ 43 ] The Tribunal does not accept Nordic's argument to the effect that Nemaska has not established that its situation was such that it was necessary to accelerate the process.
[ 44 ] That is not the point.
[ 45 ] The point is rather that the Tribunal set deadlines and parameters for proceeding with the Interrogations, in order to move the file forward, to focus more on the questions, the real problems, and thus eliminate the generalities.
[ 46 ] The Interrogations will allow this process to begin seriously, and Nordic is in no way harmed by doing what is asked of it.
[ 47 ] Nordic seems to want to play with words when she claims that the Tribunal ASKED her and not ORDERED to proceed with the Interrogations
[13] . This is also unacceptable.
[ 48 ] Furthermore, the Tribunal cannot help but point out that Nordic claims interest of more than 11.25% on the Penalty, itself strictly composed of the sum of interest at the rate of 11.25% between December 10, 2019 and May 2021.
[ 49 ] Certainly, Nordic may have a contractual right to such interests and it will be for the trial judge to decide, but Nordic must still realize that for Nemaska, there is a great “interest” in proceeding quickly , considering the sums involved (more than CDN $ 93 million, plus the interest requested) and the fact that it is actively seeking funding. There is every reason to believe that the Litigation does not facilitate this exercise.
[ 50 ] Nordic is definitively rendered at the limit of the time when it must start the Interrogations, its rights being in no way infringed in this regard, on the contrary, which will finally allow progress in the process leading to the Hearing.
[ 51 ] Nordic's failure to proceed as ordered by the Tribunal will mean that it will be foreclosed to proceed with the Interrogations.
[ 52 ] As the Tribunal has mentioned on several occasions, if Nordic encounters problems during the Interrogations, it can then address the Tribunal to settle any dispute that the prosecutors have failed to resolve, by making reasonable efforts to that end.
[ 53 ] The Tribunal expects that the prosecutors and the parties will take the necessary measures to move in the same direction as that of the Tribunal, which has always listened to their concerns, but to better move forward and not to back off, or to do "on the spot".
[ 54 ] The Tribunal will therefore order Nordic to begin, no later than January 8, 2020, the interrogations of Hans-Arne L'Orange from Clarksons Platou (
Bond Terms negotiator and Nemaska financial advisor) and Guy Bourassa, the president of Nemaska Lithium inc., and this, on the 3 subjects / items recorded in the minutes of the hearing of the 7
th Management Conference of December 12, 2019 and according to the documents sent to date by Nemaska.
[ 55 ] Furthermore, the Tribunal will ask prosecutors to send it, by January 6, 2020, the dates of the other examinations to be carried out, as well as their availability during the weeks of
February 17 and 24, 2020 for the purposes the postponement of the Hearing of the Cancellation Request. FOR THESE REASONS, THE TRIBUNAL: [ 56 ]
ORDERS Nordic Trustee AS to begin, no later than January 8, 2020, the interrogations of Hans-Arne L'Orange and Guy Bourassa, and this, on the 3 subjects / items recorded in the minutes of audience of the 7
th Management Conference on December 12, 2019 and according to the documents sent to date by Nemaska;
[ 57 ]
DECLARES that the failure of Nordic Trustee AS to start said interrogations will mean that it will be foreclosed to proceed with Interrogations;
[ 58 ]
REQUESTS the attorneys for the parties to send him, by January 6, 2020, the dates of the other examinations to be made by Nordic, as well as their availability during the weeks of
February 17 and 24, 2020 for the purposes of postponement of the Hearing of the Cancellation Request; [ 59 ]
ALL costs to follow.
https://www.canlii.org/fr/qc/qccs/doc/2019/2019qccs5441/2019qccs5441.html