RE:TERM SHEET FOR THE SALE OF URTHECASTThanks for posting
On page 2 of the "Stalking Horse Bid Letter for UrtheDaily Constellation and UrtheCast Pipeline", under the heading: "About Antartica Capital:"
"We believe that the Proposed Transaction will be in the best interests of the Sellers and their respective stakeholders, including their creditors, employees, suppliers and customers, as well as the Government of British Columbia and the Government of Canada. We also believe our proposal will provide an opportunity for the Acquired Business to continue as going concerns, while facilitating completion of UrtheCast's other restructuring efforts and offering the maximum recovery for the Sellers' creditors."
While a hopeful statement, unfortunately, the only unsecured creditor mentioned under the Term sheet is SADI (with caveats): "Assumption of approximately CAD '11,7 million' of SADI unsecured indebtedness..."
Other than the $20.5M obligation to Land O' Lakes, "Secured Debt" means the approximately CAD$36,1 million" of principal and accrued and unpaid interest and all other amounts owing to Bolzano Investments Limited, LunarVentures Inc., SMF Investments Limited, Skidmore Group and each of Messrs. Don Osborne, Sai Chu, William Evans, James Topham, and Mark Piegza (collectively, the "Secured Lenders").
Not sure that we'll get an update on Dec 18, as it looks like things will be finalized on Jan 15, 2021.