RE:RE:RE:RE:RE:CorruptNote priority charge ie debtor in possession over all secured debt! Note advance funds in order to get this thing going something the company lacks the funds to do! Now if the company themselves had of declared under CCAA which they now say was the plan they likely could have received immediate funding from existing secured lendors or others under the debtor in possession clause. They did not! Either way the shareholder were likely to be wiped out but under CCAA existing management could have continued on with their compensatation guaranteed above secured creditors so not sure why they did not go that route.............
Yukon has agreed to advance the funds necessary for this urgent work, but the company's own assets and funds will be used first by the receiver. Once those have been exhausted, the funds advanced by the Yukon government, will be a debt owed to government, and we will have a priority charge to recover them if and when the assets of Victoria Gold are sold by the receiver under its court-ordered powers,” said Yukon Justice Minister Tracy-Anne McPhee at the briefing.