Facts Highest offer for all stakeholders individually and collectively Banks supportive and forbearing rights with respect to existing credit facility, pending closing Debenture holders cash consideration of 140 per 1000 of…
Process December 9, December 9, - January 15, March 11, 2016 2015 March 11, 2016 2016 Initiated Over 400 Borrowing Bids Strategic counterparties Base reduced Received Process contacted and 85MM term facility created Advised…
Process March 15, 2016 March 24, - April 29, 2016 June 24, 2016 April 27, 2016 Bid review Exclusive Letter of Definitive by Board of negotiations Intent signed Arrangement Directors with and and financial Reignwood Forbearance…
Liquidity challenges Non revolving 85MM term facility past due Initially due April 30th, 2016 Multiple short term extensions granted by bank syndicate 8 member bank syndicate requires unanimous approval for any extensions or changes…
Potential Outcomes A. The transaction is approved Secured lenders enter into a new credit facility with TBE Debenture holders receive the proposed consideration (0.18 per dollar), including accrued and deferred interest…
Rationale and Benefits Full, extensive process completed Best offer for all stakeholders individually and collectively Unanimous approval from Board of Directors Advisor has provided fairness opinion Significant risk of…
Timeline June 24, 2016: Proposed July 15, 2016: Mid-August 2016: arrangement Mailing of Expected announced circular transaction closing July 11, 2016: August 10, 2016: Record Date Special Meeting of Shareholders and…
Contact Information For further information please contact: Laurel Hill Advisory Group North American Toll-Free Number: 1-877-452-7184 Collect Calls Outside North America: 416-304-0211 Email: assistancelaurelhill.com For…
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