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trader59

12/30/19 6:22 PM

#96821 RE: fireballka7 #96815

When they filed for bankruptcy protection in the US and CCAA in Canada, that provided protection from creditors and especially from those creditors foreclosing on anything and everything. That's what it's for. The restructure failed, as nobody, not one creditor, saw a way to reorganize, restructure, refinance, etc., the company and make it profitable in the state that it was in, so it went to liquidation, ordered by the CCAA judge and empowering the monitor to manage it.

It is what it is, the liquidation proceeds were insufficient to pay the debt owed to all creditors. The rest of the debt is still there, the judge just eliminated them from being secured by the assets of the company.