Susglobal Energy Corp (SNRG)

[synaphai]

Yeah Belleville is not operating and hasn't been since January.

First, Susglobal lost its letter of credit last year, which is a guarantee required by the Ministry of the Environment in part to show that the company can pay for cleanup in case something goes wrong environmentally.

Then two things went wrong environmentally: there was a buildup of ammonia in one of the buildings at Belleville and water from one of the leachate ponds on the Belleville property leaked into a ditch owned by the City of Belleville. The city is trying to make Susglobal reimburse them for all the costs of cleaning up the leakage.

So now the company needs funds to cover whatever it costs to become environmentally compliant again and Marc needs to find a financial institution that will give them a new letter of credit for up to $470k before Belleville can start receiving waste again.

Then there's the charge of lease with the MECP guarantee that's tied to the PACE debt settled last year, which could have implications for Susglobal continuing to use the Belleville property or to continue using it as collateral, as they have done a few times for outstanding loans but that's beyond my level of financial knowledge.