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shares of ice maker arctic glacier fall as company says its future is uncertainshares of ice maker arctic glacier fall as company says its future is uncertainshares of ice maker arctic glacier fall as company says its future is uncertain

by:CBFI     2020-02-24
TORONTO —
Shares of the struggling packaged CBFI ice makerArctic Glacier earnings fund plunged Friday after the fund was repeatedly sued. Warning that if it cannot reach a new agreement with the lender, its future will be in danger.
Shares of Winnipeg closed down.
5 cents or 42 cents, up to 9 cents in more than 3 cents.
5 million shares on the Toronto Stock Exchange.
Earlier in the day, their decline was as high as 48.
Earlier on Friday, the company reported a loss of $16.
During this period, due to bad weather conditions, the lawyer\'s fee was $1 million or 41 cents per share. S.
Cost of antitrust investigation and refinancing.
A loss compared to a $1 profit.
1 million, or 3 cents per share for the same period in 2010.
The fund fell further into debt during the quarter and said that as of June 30, the fund had violated certain financial conditions under its credit facility and that lenders had provided deferred loans. 1.
In a conference call with analysts on Friday, the company manager read the statement prepared in advance and did not accept the advice of the legal counsel as the fund was still involved in the proceedings.
Without the support of lenders, they say, the future of the company is questionable.
Keith McMahon, chief executive, said: \"Whether the fund can continue to be the target of continued concern depends on the success of negotiations on the relief . \" As part of the review, the company continues to look at strategic alternatives.
\"Our intention is to facilitate financial or strategic transactions in the near future in order to build a longer term solution.
The fund added that lenders have not provided other Deferred guarantees in the past few months. 1.
The company spent more this quarter reviewing financing and strategic alternatives, as well as legal costs arising from US antitrust investigations.
Due to weak unit market prices, these costs are partially offset by an increase in the value of convertible bonds and warrants.
During the quarter, the fund resolved four lawsuits in Ontario and Alberta through the direct purchase of ice-packed individuals and agreed to pay a $2 million Cdn.
In a lawsuit in Ontario, the plaintiff claimed that the Arctic Glacier claimed that the packaged ice industry was \"very competitive\", but later announced that it was the subject of an antitrust investigation by the US government.
Ontario plaintiffs claim that their unit market value has declined due to these allegations.
The company has been involved in several legal proceedings in the past few years. S.
Subsidiaries to participate in the \"criminal,-
The \"competition conspiracy\" of 2009 \".
Michigan\'s attorney general says the Arctic Glacier has agreed to pay a fine of $350,000.
The company was accused of conspiring with another ice company to assign customers to lead to a potential rise in ice prices.
Earlier this year, Arctic Glacier settled a class action lawsuit with US buyers, as well as a civil lawsuit in Wisconsin.
Other proceedings are under trial.
\"We are well aware that it is most beneficial to move forward with any refinancing or strategic alternative by resolving antitrust issues and related litigation,\" McMahon said . \".
Excluding costs related to antitrust investigations, the company lost $12.
3 million, while the income is $2.
3 million last year.
In addition to legal costs, Arctic Glacier said sales fell by six percentage points to $67.
4 million, due to bad weather in most of its markets, coupled with increased competition on the west coast.
The Arctic Glacier says part of its cost increase is due to higher fuel prices and higher vehicle costs, but it also has higher financing costs due to higher debt levels and higher interest rates.
Media Canada-
Shares of the struggling packaged ice maker Arctic Glacier earnings fund plunged Friday after the fund was repeatedly sued. Warning that if it cannot reach a new agreement with the lender, its future will be in danger.
Shares of Winnipeg closed down.
5 cents or 42 cents, up to 9 cents in more than 3 cents.
5 million shares on the Toronto Stock Exchange.
Earlier in the day, their decline was as high as 48.
Earlier on Friday, the company reported a loss of $16.
During this period, due to bad weather conditions, the lawyer\'s fee was $1 million or 41 cents per share. S.
Cost of antitrust investigation and refinancing.
A loss compared to a $1 profit.
1 million, or 3 cents per share for the same period in 2010.
The fund fell further into debt during the quarter and said that as of June 30, the fund had violated certain financial conditions under its credit facility and that lenders had provided deferred loans. 1.
In a conference call with analysts on Friday, the company manager read the statement prepared in advance and did not accept the advice of the legal counsel as the fund was still involved in the proceedings.
Without the support of lenders, they say, the future of the company is questionable.
Keith McMahon, chief executive, said: \"Whether the fund can continue to be the target of continued concern depends on the success of negotiations on the relief . \" As part of the review, the company continues to look at strategic alternatives.
\"Our intention is to facilitate financial or strategic transactions in the near future in order to build a longer term solution.
The fund added that lenders have not provided other Deferred guarantees in the past few months. 1.
The company spent more this quarter reviewing financing and strategic alternatives, as well as legal costs arising from US antitrust investigations.
Due to weak unit market prices, these costs are partially offset by an increase in the value of convertible bonds and warrants.
During the quarter, the fund resolved four lawsuits in Ontario and Alberta through the direct purchase of ice-packed individuals and agreed to pay a $2 million Cdn.
In a lawsuit in Ontario, the plaintiff claimed that the Arctic Glacier claimed that the packaged ice industry was \"very competitive\", but later announced that it was the subject of an antitrust investigation by the US government.
Ontario plaintiffs claim that their unit market value has declined due to these allegations.
The company has been involved in several legal proceedings in the past few years. S.
Subsidiaries to participate in the \"criminal,-
The \"competition conspiracy\" of 2009 \".
Michigan\'s attorney general says the Arctic Glacier has agreed to pay a fine of $350,000.
The company was accused of conspiring with another ice company to assign customers to lead to a potential rise in ice prices.
Earlier this year, Arctic Glacier settled a class action lawsuit with US buyers, as well as a civil lawsuit in Wisconsin.
Other proceedings are under trial.
\"We are well aware that it is most beneficial to move forward with any refinancing or strategic alternative by resolving antitrust issues and related litigation,\" McMahon said . \".
Excluding costs related to antitrust investigations, the company lost $12.
3 million, while the income is $2.
3 million last year.
In addition to legal costs, Arctic Glacier said sales fell by six percentage points to $67.
4 million, due to bad weather in most of its markets, coupled with increased competition on the west coast.
The Arctic Glacier says part of its cost increase is due to higher fuel prices and higher vehicle costs, but it also has higher financing costs due to higher debt levels and higher interest rates.
Media Canada-
Shares of the struggling packaged CBFI ice makerArctic Glacier earnings fund plunged Friday after the fund was repeatedly sued. Warning that if it cannot reach a new agreement with the lender, its future will be in danger.
Shares of Winnipeg closed down.
5 cents or 42 cents, up to 9 cents in more than 3 cents.
5 million shares on the Toronto Stock Exchange.
Earlier in the day, their decline was as high as 48.
Earlier on Friday, the company reported a loss of $16.
During this period, due to bad weather conditions, the lawyer\'s fee was $1 million or 41 cents per share. S.
Cost of antitrust investigation and refinancing.
A loss compared to a $1 profit.
1 million, or 3 cents per share for the same period in 2010.
The fund fell further into debt during the quarter and said that as of June 30, the fund had violated certain financial conditions under its credit facility and that lenders had provided deferred loans. 1.
In a conference call with analysts on Friday, the company manager read the statement prepared in advance and did not accept the advice of the legal counsel as the fund was still involved in the proceedings.
Without the support of lenders, they say, the future of the company is questionable.
Keith McMahon, chief executive, said: \"Whether the fund can continue to be the target of continued concern depends on the success of negotiations on the relief . \" As part of the review, the company continues to look at strategic alternatives.
\"Our intention is to facilitate financial or strategic transactions in the near future in order to build a longer term solution.
The fund added that lenders have not provided other Deferred guarantees in the past few months. 1.
The company spent more this quarter reviewing financing and strategic alternatives, as well as legal costs arising from US antitrust investigations.
Due to weak unit market prices, these costs are partially offset by an increase in the value of convertible bonds and warrants.
During the quarter, the fund resolved four lawsuits in Ontario and Alberta through the direct purchase of ice-packed individuals and agreed to pay a $2 million Cdn.
In a lawsuit in Ontario, the plaintiff claimed that the Arctic Glacier claimed that the packaged ice industry was \"very competitive\", but later announced that it was the subject of an antitrust investigation by the US government.
Ontario plaintiffs claim that their unit market value has declined due to these allegations.
The company has been involved in several legal proceedings in the past few years. S.
Subsidiaries to participate in the \"criminal,-
The \"competition conspiracy\" of 2009 \".
Michigan\'s attorney general says the Arctic Glacier has agreed to pay a fine of $350,000.
The company was accused of conspiring with another ice company to assign customers to lead to a potential rise in ice prices.
Earlier this year, Arctic Glacier settled a class action lawsuit with US buyers, as well as a civil lawsuit in Wisconsin.
Other proceedings are under trial.
\"We are well aware that it is most beneficial to move forward with any refinancing or strategic alternative by resolving antitrust issues and related litigation,\" McMahon said . \".
Excluding costs related to antitrust investigations, the company lost $12.
3 million, while the income is $2.
3 million last year.
In addition to legal costs, Arctic Glacier said sales fell by six percentage points to $67.
4 million, due to bad weather in most of its markets, coupled with increased competition on the west coast.
The Arctic Glacier says part of its cost increase is due to higher fuel prices and higher vehicle costs, but it also has higher financing costs due to higher debt levels and higher interest rates.
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