GREY:VITFF - Post by User
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Oregonduckon Aug 15, 2024 2:15pm
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Post# 36181078
This goose is cooked
This goose is cookedThe Yukon Govt has been granted Receivership under the Fereral Bankruptcy and Insolvency Act. Under Canada's Bank Act, the banks have the Right to Setoff VGCX's approx $40 million cash against their $200 million in loans owing. That is the reason the Yukon Govt has agreed to advance funds to the Receiver PwC under the so-called Debtor-in-Possession financing in order to deal with the day-to-day remediation, lawsuits, priority debts payment, etc. There is no longer any management in charge.This process will likely take a few years. Eventually, the Receiver hopes to repackage the mining infrastructure with proven gold reserves and sell that to a suitor to recoup losses. Unfortunately, common shareholders are the last in line on the priority list,