Question is why creditors did not extend a little more (say another 60M - 100M) to ramp up production at Burnstone when it is so close to producing targeted volumes to become profitable. In BRP, they extended almost 60M, DIP loan ofcourse, probably forcefully with court orders. Had they extended that loan as a going concern, may be GBG would have recapitalized its lost market cap of 1.6B in a not too distant future then would being profitable company. Well, chit happens and creditors are blood suckers and they want to recover the money with interest with arbitration (ofcourse their calculative risk probably made them not to extend monies any more to GBG) and thus the company was forced to go with CCAA.
I firmly believe we get close to shareholders equity (~333M by previous management or ~233M - 250M after hollister write down on resources). That would still be ~0.45 pps. Even after a lot of slicing/dicing and discounting 75% of the equity value, we should still be able to get ~0.10 cents
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