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Tuesday, February 25, 2014 7:54:51 PM
We have to take a step back and realize that a BK filing is just that a BK filing, regardless of any type of financing that may be made available to CERP the court has to say yes or no to allowing it, and again a BK filing is a BK filing.
IMO the R/S was simply pushed through to raise funds to show the court that there is some silver in the caufers that can be used to keep the pulse ticking.
"Unconditional" is in essence "unsecured" but that doesn't mean that they are not expecting to be paid back. Penny companies get sued all the time for not paying creditors who provide them the unsecured lending. Secured or unsecured makes no difference either way they will come after CERP if no payments are being rendered.
IMO what the court will look at is CERP's ability to make payments on their current debt before allowing them to take on new debt. If Scheer is unable to provide any solid proof that they can indeed fulfill current obligations, without selling company assets, then the court may allow them to take on the additional financing that has been spoken of. Right now CERP has the equivalent of a 350 FICO Score the lowest possible. Only subprime hard money lenders will work with them and that is not the space they want to play in.
CERP's bio-plastics are a great product and the world needs them, hopefully Scheer can pull a rabbit out of the hat and make it happen for them. Good luck.
All of this is in my opinion.
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