Post by
Oregonduck on Aug 16, 2024 8:07pm
It looks hopeless
Should the courts allow the revocation of the BIA filing and allow VGCX to file under CCAA for reorganization, the Co might be able to operate as usual. However, exiting CCAA, VGRX will likely have to consolidate its shares with creditors taking majority control of the new company (Newco).
For example, TSX listed Pacfic Exploration & Production Corp. filed under CCAA owing $7 billion. Coming out of CCAA, the creditors took control of the "Newco" after 1-for-100,000 shares rollback. So, if you had held less than 100,000 shares, you got nothing, not even 1 share.