Pierre Karl Péladeau has attempted five times, since the fall, to get their hands on Transat, struggling with serious financial difficulties.
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This information was unveiled in court this Friday as part of a dispute over the restructuring of the company.
At the end of June, Pierre Karl Péladeau, the third shareholder of the company, had asked the Superior Court to intervene in order to prevent the tour operator from implementing a recently announced agreement with the federal government.
At the beginning of June, Transat said it had concluded an agreement to restructure part of its debt with the Emergency Corporation of Business Business in Canada (CFUEC), a federal organization. Thanks to this agreement, the company reduced its debt to more than $ 400 million.
Mr. Péladeau deplores that the shareholders of Transat is not offered to vote on the agreement.
“No official communication has been sent to its shareholders so that they can read the agreement in principle, and this, in violation of their rights and the obligations of the company,” reads a statement published last week by La Financière Outremont, an investment company controlled by Mr. Péladeau.
“It is unfair and unjustified for the company to dilute it to have it of its shareholders without their approval in the context of a restructuring operation which, in the end, does not ensure the sustainability of the company, while other options not only are available, but have been presented to the company’s board of directors, in accordance with the process started several months ago,” added financial overall.
Recall that in 2021, Transat obtained funding of $ 700 million from the CFUEC as part of a Help program linked to the COVID-19 pandemic.
At the end of April, Mr. Péladeau would also have offered to buy the tour operator for $ 1, in order to place the company out of its creditors to restructure it, according to our information.
At that time, the company had debts of more than $ 800 million. Thus, even at this price, Mr. Péladeau would have had to inject important sums to maintain transat afloat.
Judge Chantal Corriveau put the case under deliberation.
Mr. Péladeau holds just over 9.5% of deckchairs, according to a document filed in the court. He is also the Quebecor control shareholder, owner of Journal.
