However,
Agreement between transat ottawa: péladeau:
One of the largest shareholders of Transat. Therefore, Pierre Karl Péladeau, asks the Superior Court to intervene in order to prevent the tour operator from implementing a recently announced agreement with the federal government.
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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.
“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 agreement between transat ottawa: péladeau statement published on Friday by La Financière Outremont, an investment company controlled by Mr. Péladeau.
According to the latter, Transat shareholders should be invited to vote on the agreement between the company and Ottawa.
“Pierre Karl Péladeau, in the name of Financière Outremont Inc.. is forced to ask the Superior Court to intervene and order the Company not to finalize and not to conclude the agreement in principle occurred before a vote of the shareholders approved it took place,” said the press release.
“Unjust. unjustified”
“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,” agreement between transat ottawa: péladeau added financial overall.
Recall that in 2021. Transat obtained funding of $ 700 million from the CFUEC as part of a assistance program linked to the COVVI-19 pandemic.
“The unilateral restructuring of the company’s debt will have in fact as a result of transferring the company’s control to the federal government which. in addition to being the main creditor, is also the most important potential shareholder as well as the company’s operations regulator, which is not in the best interest of Canadian and Quebec citizens,” said the Outremont financial.
Mr. Péladeau holds just over 9.5% of deckchairs, according to a document filed in court on Friday. He is also the Quebecor control shareholder, owner of Journal.
Agreement between transat ottawa: péladeau
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