RE:The inside story LW, your question as to why CGX is not insolvent (as bankruptcy requires the relevant proceedings to be declared such) requires you to first look to the most recent financial audit and take into consideration, from the Canadian side, whether
"the aggregate of [CGX's] property is not, at a fair valuation, sufficient, or, if disposed of at a fairly conducted sale under legal process, would not be sufficient to enable payment of all [its] obligations, due and accruing due"
My understanding is that the short answer is that it is not insolvent. Cash poor, yes. Insolvent, no. Therefore the need to carry debt to fund operations. Following the next well, there is obviously the expectation that CGX will be in the position to carry itself through the injection of capital from a farm down .