GREY:XEBEQ - Post by User
Comment by
AlwaysLong683on Oct 10, 2022 6:01pm
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Post# 35016161
RE:Backlog
RE:BacklogHesiod07 wrote: Given a $270 plus million backlog, XBC should be showing over $11 million per month revenue during CCAA at a minimum and not $1.8 million. Something is simply wrong here and the class action lawyers are going to hear about it.
Backlog doesn't mean much if:
a) You can't deliver quality products on time
or
b) You produce them at a loss.
Hasn't XBC be boasting about thier "backlog" for quite some time now, yet they still had to seek CCAA creditor protection...?
If the backlog was so impressive and creditors were confident they'd get their principle plus interest back, why did they not relax debt convenants and allow XBC to continue uninterrupted instead of forcing them to seek CCAA protection to avoid defaulting on a debt obligation.....?
Feel sorry for XBC shareholders, but my guess is the company will either enter into liquidation proceedings or come out of CCAA restructured but with the old common shares worthless as common shareholders are at the end of the line when it comes to dibs on the company's assets.