Westaim Corp V.WED

RE:RE:RE:RE:RE:Charged

[nkbourbaki]

enjoytheride wrote: CRGE has debt of @ 26 million to Arena seperate and apart from Arena's shareholding in CRGE

https://www.marketscreener.com/quote/stock/CHARGE-ENTERPRISES-INC-2957334/news/Charge-Enterprises-Notice-of-Default-Guarantee-of-Indebtedness-Form-8-K-45411397/ 

Yes, and they've recently moved to foreclose on it.  See below, extracted from 8K filed Feb 12.   

8.01: Other Information

 

As previously disclosed, on January 19, 2024, Charge Enterprises, Inc. (sometimes referred to herein as “Company”, “we,” “us,” “our”, “Charge” or similar terms) received a foreclosure notice (the “Foreclosure Notice”) from an affiliate of Arena Investors, LP (the “Agent”). The Foreclosure Notice, which purported to be delivered pursuant to the New York Uniform Commercial Code, stated that, to satisfy the Company’s outstanding secured indebtedness under the Notes, the Agent intends to sell 100% of the Company’s equity interest in its subsidiaries Charge Investments, Inc., Charge Infrastructure Holdings, Inc., and Transworld Enterprises, Inc. and the assets (other than the equity interests) owned by Charge Communications, Inc., Go2Tel.com, Inc., and PTGi International Carrier Services, Inc. at an auction to begin on February 16, 2024, or such later date as the Agent may decide (the “Sale Date”) at a minimum sale price of $23,333,180.

 

On February 9, 2024, the Company received a notice from the Agent that the Sale Date has been changed to February 23, 2024. 

 

The Company remains in discussions with the Agent before the auction is scheduled on February 23, 2024. The Company is also continuing to evaluate strategic alternatives, including reorganizing or restructuring, refinancing its debt, seeking additional debt or equity capital, reducing or delaying our business activities or other strategic transactions and/or other measures. However, there can be no assurance that the Company will be successful in any of the foregoing and, if not successful, the Company’s ability to continue as a going concern will likely be materially adversely affected.