Pierre Karl Péladeau would have tried to buy Transat AT for a bite of bread last April in order to place the specialist in the pleasure trip sheltered from his creditors to restructure him – a scenario that could have made shareholders lose big.
This surprising revelation occurred on Friday, as part of an audience in front of the Quebec Superior Court, where the businessman tries to suspend the agreement having recently enabled the company to the blue star to restructure his heavy debt.
In fact, the telecommunications magnate would have tabled no less than five purchase proposals since last fall, revealed the lawyer who represents Transat, François Giroux.
“On April 29, he offered to buy the company for a counterpart of $ 1 for all the actions and then carry out a restructuring procedure under the Arrangement Law with the creditors of companies (LACC), “revealed the lawyer, before judge Chantal Corriveau.
Through his company, the Financière Outremont, the businessman says he has around 9.5 % of the actions of the Air Transat parent company. This makes Mr. Péladeau the third important shareholder, behind the FTQ Solidarity Fund (11 %) and Letko, Brosseau & Associés (9.6 %).
Mr. Péladeau believes that the agreement announced on June 5 between Transat and the Emergency Corporation of Business Business in Canada (CFUEC), a federal company, should be subject to the vote of the shareholders of the Quebec company.
The agreement, which is declined in several components, would allow the specialist in the pleasure to saber in half his huge debt of 772 million in rescue loans obtained from the federal government during the Cavid-19 pandemic.
Mr. Péladeau seems to be irritated by the following aspect: part of the debt of the tour operator and the air carrier can be converted into privileged actions. Ultimately, this mechanism would allow CFUEC to hold almost 20 % of deckchairs.
If this scenario was to be confirmed, Ottawa would become the main creditor as well as the largest shareholder in Transat. Since last month, the title of the Montreal company has appreciated about 70 % due to the agreement with the CFUEC.
“The increase in the course of action and sanitation of the company’s assessment make a new attempted acquisition by Mr. Péladeau extremely more expensive,” said Mr.e Giroux.
