RE:RE:RE:Par for the course...from: CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the three and nine months ended September 30, 2024, page 30
GA had already put more than 13M$ to fund SOT operations.
Accordingly, during the three months ended September 30, 2024, and with the assistance of professional restructuring advisors, the REIT initiated a process in respect of the potential Recapitalization Plan. The potential Recapitalization Plan may involve, among other things, amendments to the REIT’s existing secured indebtedness (including amendments to covenants and extensions of maturities, among other potential amendments), conversion of all or a portion of the REIT’s convertible debentures into equity, additional subscriptions for units, additional interim secured funding and/or a potential rights offering to raise additional equity capital. The REIT is
currently in discussions with certain of its lenders and related parties regarding the terms of an acceptable potential Recapitalization Plan. As of the date hereof, no agreement has been reached with any of the REIT’s stakeholders with respect to a potential Recapitalization Plan,
and there can be no assurance that the REIT will be successful in negotiating a potential Recapitalization Plan, or in raising the additional funding needed for the REIT to continue as a going concern. If the REIT is unsuccessful in negotiating a potential Recapitalization Plan and raising additional capital in the near term, the REIT will be unable to continue as a going concern, and, in that case, the market price of the units and the convertible debentures would be materially adversely affected or extinguished.