Post by
WhatTthe69 on Sep 24, 2020 9:58pm
Restructuring Document Center
UrtheCast FAQ
General FAQs:
Q: What is CCAA?
A: The Companies’ Creditors Arrangement Act (“CCAA”) is federal legislation which allows Canadian Courts to grant a company protection from its creditors for a period of time. The process involves the Court appointment of a Monitor.The Monitor serves as an Officer of the Court and reports to the Court on a regular basis and as directed by the Court. While the future of a company that has filed for CCAA is uncertain,it does not mean that UrtheCastis bankrupt or that it will cease to exist as a going concern in the future. It is intended that the commencement of proceedings under the CCAA will provide UrtheCast with protection from certain actions that creditors might take to collect funds so that it can develop a plan to restructure its businessand finances.
Q:Is UrtheCast in bankruptcy?
A:No, UrtheCast is in a restructuring phase. This is a legal process that provides the Company with creditor protection until a plan is developed in the consideration of the affected creditors and restructuring possibilities.
Q:What does “restructuring” mean?
A:Restructuring can take many forms including, but not limited to:
•Recapitalizing the Company;
•Selling all or parts of the Company;
•Assigning the liabilities or parts thereof to a third party;and
•Such other undertaking to create value for the stakeholders.
Q: What will happen to UrtheCast?
A:UrtheCast is an ambitious developer of world-first technologies, and organizations like this require access to investor financing to be successful.The financial difficulties UrtheCast has experienced are largely attributable to the extent of funds required to execute onthe commercialization of technologies under development. The Company’s financial difficulties have been further exacerbated by COVID-19, which has negatively impacted sales, the collection of receivables from customers, and the timely completion of milestones in connection with engineering and services contracts.The inability to obtain further financing to sustain operations from UrtheCast’s current lenders is the rationale for UrtheCast’s application for an initial CCAA order. Creditors of UrtheCast that are owed amounts relating to obligations incurred before September 4,2020, are generally stayed from taking any action to collect debts while UrtheCast seeks to restructure its obligations and resume normal operations. The UrtheCast brand will still be used while we operate as ‘UrtheCast.’
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Comment by
Empire123 on Sep 24, 2020 11:16pm
This was a good Q&A. I didn't feel it answered the last question of what will happen to Urthecast. Secondly, it doesn't address the issue of being delisted from the TSX which is very concerning. Lastly, they said they were going to release earnings on the 28th. Will that still happen?
Comment by
MayKay on Sep 24, 2020 11:21pm
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Comment by
MayKay on Sep 24, 2020 11:40pm
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Comment by
BarFly on Sep 25, 2020 12:35am
as PIS*ED OFF as I am with this situation...you're still full of sh*t MayKay
Comment by
toldyousoUR on Sep 25, 2020 12:33pm
actually its you who is full of it. you and the nightridefm cronies who shot the likes of me down becuase i was long big time on this and called out the BS when Larson was booted. It was clear as day that this was a fraud from that point. The financials didnt lie three years ago as they havent today. It was a pump and dump and you didnt like to hear anything that wasnt pump.
Comment by
AKAIMWAAK on Sep 25, 2020 11:42am
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Comment by
MayKay on Sep 25, 2020 1:25pm
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Comment by
AKAIMWAAK on Sep 25, 2020 1:58pm
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Comment by
ernieballs77 on Sep 26, 2020 9:11am
Ozz and Chu continued the SCAM!! You all got scammed