$BIOAQ Maybe, but there is nothing to say the equity raise is "public" though. They're a private company, there is nothing to stop them from a private equity raise. You'd think they want to keep some of the non-secured creditors happy. Some of the listed they will need them to keep the plant operating, keep some of those business contacts happy that are in poor positions because of the BIOAQ outcome. Logical or not, the results are cents on the dollar which was expected. Even I have to admit I didn't think it would be ($4.3M) that low. Knowing what Mayn / Comerica were owed, when PWC first announced it, it would have had to be less than $12.5M which noting the distressed value in the initial report seems like a 50% discount give or take...it is what it is.
They got something for it...the big positive is Visolis/LCY will keep the Sarnia plant in operation which will also bring in future tax revenue for the government, plus employment, etc...quite a few positives for the Sarnia area that will have a positive effect for outside businesses, shippers & suppliers, etc ... I think in the long run it's much better than pure liquidation & end up getting next to nothing.
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