Sherritt’s advisers are Goodmans LLP and National Bank of Canada, with Paradigm Capital Inc. retained by the board to provide a fairness opinion on the transaction, according to the statement. Forward-looking statements are not based on historic facts, but rather on current expectations, assumptions and projections about future events, including matters relating to the proposed Transaction; commodity and product prices and demand; the level of liquidity; production results; realized prices for production; earnings and revenues; and certain objectives, goals and plans. The company’s bonds due 2025 were unchanged at 26.9 Canadian cents on the dollar, compared with 67 cents a year ago, while notes due 2023 traded at 30 cents and the ones maturing next year were last quoted at 48 cents. This week Sherritt reported it had $185 million of cash and cash equivalents at the end of 2017. These risks, uncertainties and other factors include, but are not limited to, risks associated with the ability of the Corporation to receive all necessary regulatory, court, third party and stakeholder approvals in order to complete the Transaction; the ability of the Corporation to achieve its financial goals; the ability of the Corporation to operate in the ordinary course during the CBCA proceedings, including with respect to satisfying obligations to service providers, suppliers, contractors and employees; the ability of the Corporation to continue as a going concern; the ability of the Corporation to continue to realize its assets and discharge its liabilities and commitments; the Corporation’s future liquidity position, and access to capital, to fund ongoing operations and obligations (including debt obligations); the ability of the Corporation to stabilize its business and financial condition; the ability of the Corporation to implement and successfully achieve its business priorities; the ability of the Corporation to comply with its contractual obligations, including, without limitation, its obligations under debt arrangements; the general regulatory environment in which the Corporation operates; the tax treatment of the Corporation and the materiality of any legal and regulatory proceedings; the general economic, financial, market and political conditions impacting the industry and markets in which the Corporation operates; the ability of the Corporation to sustain or increase profitability, fund its operations with existing capital and/or raise additional capital to fund its operations; the ability of the Corporation to generate sufficient cash flow from operations; the impact of competition; the ability of the Corporation to obtain and retain qualified staff, equipment and services in a timely and efficient manner (particularly in light of the Corporation’s efforts to restructure its debt obligations); the ability of the Corporation to retain members of the senior management team, including but not limited to, the officers of the Corporation; and the impact on business operations of the Corporation resulting from the COVID-19 pandemic and the responses of government and the public to the pandemic; matters relating to the meeting of Debtholders and the special meeting of shareholders in connection with the Transaction, including attending such meetings and the timing thereof; and the implementation of the Transaction and timing thereof. Please try again. The company’s bonds due 2025 were unchanged at 26.9 Canadian cents on the dollar, compared with 67 cents a year ago, while notes due 2023 traded at … Bills – public bonds issued for a period of less than 1 year. The next issue of Top Stories Newsletter will soon be in your inbox. Comments may take up to an hour for moderation before appearing on the site. This advertisement has not loaded yet, but your article continues below. “We maintain our enterprise value but at lower risk to the equity because we are not as highly levered,” he added. At the end of 2016, DBRS maintained Sherritt’s corporate rating at a B, but lowered the rating on its unsecured debentures (to B low from B); and also lowered its recovery rating to RR5 from RR4, meaning the chance of debt holders receiving the return of their investment fell to 10 per cent to 30 per cent from 30 per cent to 60 per cent. Sherritt bought the debt back through a modified Dutch auction: prior to the auction, it posted maximum prices; asked holders to submit their proposals, indicated those proposals “must be less or equal to the maximum price,” and then picked the so-called market-clearing price. Additional information and materials in respect of the Transaction are available on Sherritt’s profile on SEDAR (www.sedar.com) and Sherritt’s website under its “Balance Sheet Initiative – Details” page (https://www.sherritt.com/English/Investor-Relations/Balance-Sheet-Initiative-Details/default.aspx).
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