RE:RE:RE:RE:RE:RE:RE:TEAL JONESI don't think WEF is next. WEF really only net debt of $82mm, but I estimate they're burning cash to the tune of half a million a day.
Teal Jones filed CCAA with PwC because they had to in order to avoid receivership.
If you read the Court documents, EY went in and did a business review on behalf of the Wells Fargo lending syndicate. EY, the accounting firm, recommended to Wells Fargo and the other lenders in the syndicate that management was inept and they should appoint a receiver to liquidate the assets.
The CCAA with PwC is mangement's last ditch effort, but even they are recommending the assets be put up for sale.
Someone will pick these assets up for cheap.