Post by pauljones on Aug 13, 2015 9:42:02 GMT -7
Hello,
I have been trying to understand what happened with GasFrac step by step over the past few months. Please correct me if I'm wrong :
1 - GasFrac's Board of Directors files for creditors protection.
2 - Calfrac funds all operational expenses until the assets get sold.
3 - GasFrac's assets and technology are sold to STEP Energy.
4 - PNC (senior creditor) gets reimbursed.
5 - Junior creditors (other than convertible debenture holders) get fully reimbursed.
6 - Convertible debenture holders will get back between 37% and 55% of money lent at the end of the process.
7 - GasFrac inc. (which is a shell now) is sold to Calfrac.
8 - At the end of September, creditor process gets finalized and debenture holders get paid.
9 - All remaining entities get liquidated.
10 - Shareholders get nothing.
If this is correct, I have 2 questions : (1) Was there any independent and public appraisal of the value for the assets and technology? (2) What was the value the tax loss carryforwards in GasFrac?
Thank you.
I have been trying to understand what happened with GasFrac step by step over the past few months. Please correct me if I'm wrong :
1 - GasFrac's Board of Directors files for creditors protection.
2 - Calfrac funds all operational expenses until the assets get sold.
3 - GasFrac's assets and technology are sold to STEP Energy.
4 - PNC (senior creditor) gets reimbursed.
5 - Junior creditors (other than convertible debenture holders) get fully reimbursed.
6 - Convertible debenture holders will get back between 37% and 55% of money lent at the end of the process.
7 - GasFrac inc. (which is a shell now) is sold to Calfrac.
8 - At the end of September, creditor process gets finalized and debenture holders get paid.
9 - All remaining entities get liquidated.
10 - Shareholders get nothing.
If this is correct, I have 2 questions : (1) Was there any independent and public appraisal of the value for the assets and technology? (2) What was the value the tax loss carryforwards in GasFrac?
Thank you.
