Thousands of Bridging Finance retail investors seek representation in court process
Bridging Finance’s largest borrower Alaska to Alberta Railway, known as A2A, has revealed it obtained creditor protection late Friday. According to a statement from the company, the move was made so it can pursue a court-supervised sale or refinancing of its proposed rail link between Alberta and Alaska. This decision was made after PriceWaterhouseCoopers, the court-appointed receiver of Bridging, called a $149 million loan made to A2A. Bridging Finance, A2A’s main lender, was placed in Receivership by the Ontario Securities Commission on April 30.
PET VALU RETURNS TO THE TSX
Pet Valu is set to return to the public market today after pricing its shares at $20 a share, in an initial public offering that will raise at least $275 million. The company, one of Canada’s largest pet food and accessory stores, will trade on the TSX under the symbol “PET”. It has over 600 corporate-and-franchise-owned stores across Canada and has said it wants to double its store count over time. It was taken private by Roark Capital Group, an Atlanta-based private equity firm, in 2009 for about $144 million.
U.S. FUTURES TICK HIGHER AHEAD OF ECONOMIC DATA
U.S. futures are pointing to a positive open as investors await more economic data, including U.S. jobless claims and durable goods, to help further assess the pace of the economic recovery. On Wednesday, the Nasdaq Composite Index closed at a record high for the second day in a row.
OTHER NOTABLE STORIES
- CTV News has learned that Premier Doug Ford is considering moving up the second step of the reopening in Ontario by two days
- Transat AT has said board member Jacques Simoneau will serve as its interim CFO following the departure of Chief Finance Officer Denis Petrin on July 9
- Blackberry is due to report earnings after the bell today, one day after shareholders voted to keep Prem Watsa as its lead director despite calls from two major proxy advisory firms to have him removed for failing to make sure the company’s executive pay was aligned with its performance
- John McAfee has died of an apparent suicide in a Spanish jail after Spain’s National Court approved his extradition to U.S. on tax charges
- Notable data: Canadian manufacturing sales flash estimate (May) and wholesale trade early indicator (May); U.S. GDP (Q1) and durable goods orders
- Notable earnings: BlackBerry, FedEx, Nike
- 7:00: Bank of England releases interest rate decision
- 16:30: U.S. Federal Reserve releases results from bank stress tests