RE:TD Capital + West Face + EnterpriseFacinating for sure.
I am begining to think that buying a refinery out of bancruptcy was THE reason the exec's left.
I will find out soon I have no doubt. $200 million is not something a guy has sitting around the house.
G&M
At the time, IEC owed and guaranteed a total of $202-million to Cortland and was the largest borrower in its flagship fund. Cortland has since worked with a court-appointed monitor to find a buyer for the company, but the sale process was complicated because the only two bids submitted were not sufficient to repay Cortland, according to court filings.
After weighing the options, late in February Cortland and the monitor submitted plans to sell IEC to a numbered company, 2580597 Alberta Ltd., run by energy executive Joel MacLeod. According to the formal agreement, Cortland’s debt, now totalling $229-million, will roll over to the new owner.