These risks, uncertainties and other factors include, but are not limited to, risks associated with the ability of the Corporation to receive all necessary regulatory, court, third party and stakeholder approvals in order to complete the Transaction; the ability of the Corporation to achieve its financial goals; the ability of the Corporation to operate in the ordinary course during the CBCA proceedings, including with respect to satisfying obligations to service providers, suppliers, contractors and employees; the ability of the Corporation to continue as a going concern; the ability of the Corporation to continue to realize its assets and discharge its liabilities and commitments; the Corporation’s future liquidity position, and access to capital, to fund ongoing operations and obligations (including debt obligations); the ability of the Corporation to stabilize its business and financial condition; the ability of the Corporation to implement and successfully achieve its business priorities; the ability of the Corporation to comply with its contractual obligations, including, without limitation, its obligations under debt arrangements; the general regulatory environment in which the Corporation operates; the tax treatment of the Corporation and the materiality of any legal and regulatory proceedings; the general economic, financial, market and political conditions impacting the industry and markets in which the Corporation operates; the ability of the Corporation to sustain or increase profitability, fund its operations with existing capital and/or raise additional capital to fund its operations; the ability of the Corporation to generate sufficient cash flow from operations; the impact of competition; the ability of the Corporation to obtain and retain qualified staff, equipment and services in a timely and efficient manner (particularly in light of the Corporation’s efforts to restructure its debt obligations); the ability of the Corporation to retain members of the senior management team, including but not limited to, the officers of the Corporation; and the impact on business operations of the Corporation resulting from the COVID-19 pandemic and the responses of government and the public to the pandemic; matters relating to the meeting of Debtholders and the special meeting of shareholders in connection with the Transaction, including attending such meetings and the timing thereof; and the implementation of the Transaction and timing thereof. Visit our Community Guidelines for more information and details on how to adjust your email settings. (Bloomberg) — Sherritt International Corp., whose executives were once known as Fidel Castro’s favorite capitalists, proposed an out-of-court recovery plan that includes a reduction of 50% in the value of its bonds. 27 cents on the dollar sounds pretty good considering sherritt 2023 bonds are trading at 8 cents on the dollar. Because of the buy-back the company now has about $600 million of debt outstanding — down from $720 million previously. Sherritt’s advisers are Goodmans LLP and National Bank of Canada, with Paradigm Capital Inc. retained by the board to provide a fairness opinion on the transaction, according to the statement. Forward-looking statements can generally be identified by the use of statements that include such words as “believe”, “expect”, “anticipate”, “intend”, “plan”, “forecast”, “likely”, “may”, “will”, “could”, “should”, “suspect”, “outlook”, “projected”, “continue” or other similar words or phrases.
Bills – public bonds issued for a period of less than 1 year. https://www.sherritt.com/English/Investor-Relations/Balance-Sheet-Initiative-Details/default.aspx, https://www.businesswire.com/news/home/20200717005309/en/, Stockhouse @ the Bell: Markets see relief rally on US election day, Stockhouse @ the Bell: Markets kick-start week on a high note, Drive Shack Announces Third Quarter 2020 Results.
The company’s bonds due 2025 were unchanged at 26.9 Canadian cents on the dollar, compared with 67 cents a year ago, while notes due 2023 traded at 30 cents and the ones maturing next year were last quoted at 48 cents. When the proposals were received, Sherritt was required to pay $950 per $1000 face, $890 and $870 respectively.
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AMC is in dire straits because no one goes to movies etc. David Pathe, president and CEO of Sherritt International discusses a plan for the company to tackle debt. We encountered an issue signing you up.
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Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) announced today that it has amended certain terms of its previously announced transaction to improve its capital structure described in the Corporation’s management information circular dated March 6, 2020 (the “Information Circular”), together with certain amendments to the transaction described in Sherritt’s news releases issued on June 10, 2020 and June 29, 2020 (collectively, the “Transaction”).
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