Trustee,
Runabout,
Bankruptcy,
Chapter 11, Title 11, United States Code,
Great Lakes,
Bankruptcy Code,
Event of default,
Atlantic Canada,
PLLC,
Companies' Creditors Arrangement Act,
EV,
Chapter 7, Title 11, United States Code,
Trustee in bankruptcy,
Nashville Division,
United States bankruptcy court,
Sale,
Security (finance),
Limestone No formal issues were raised by creditors of the Limestone US Subsidiaries and the Trustee has advised that the Chapter 7 Proceedings are expected to move forward in a timely and efficient manner.
Key Points:
- No formal issues were raised by creditors of the Limestone US Subsidiaries and the Trustee has advised that the Chapter 7 Proceedings are expected to move forward in a timely and efficient manner.
- The Company expects than an asset sale with respect to the remaining assets owned by the Limestone US Subsidiaries is expected to take place in the coming weeks.
- As a result of the Event of Default, all amounts outstanding under the Debenture Indenture became due and payable by Limestone.
- In addition to the financial restructuring, the Company has also actively been working on the relocation of the Limestone Boat manufacturing operations to New Brunswick, Canada.
COLLINGWOOD, Ontario, March 01, 2023 (GLOBE NEWSWIRE) -- The Limestone Boat Company Limited (the "Company") (TSXV: BOAT |OTCQB: LMSBF) today announced that it intends to voluntarily terminate its listing services on the OTCQB Venture Market ("OTCQB") trading platform.
Key Points:
- COLLINGWOOD, Ontario, March 01, 2023 (GLOBE NEWSWIRE) -- The Limestone Boat Company Limited (the "Company") (TSXV: BOAT |OTCQB: LMSBF) today announced that it intends to voluntarily terminate its listing services on the OTCQB Venture Market ("OTCQB") trading platform.
- The Company's common shares remain listed for trading on the TSX Venture Exchange.
- The Board of Directors of the Company have made this decision after considering a number of factors including the associated listing fee expenses and administrative burden required to comply with ongoing OTCQB listing requirements.
- The Company intends to file further updates to the market once its delisting from the OTCQB platform is confirmed.
Retrieved on:
Wednesday, February 15, 2023
COLLINGWOOD, Ontario, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The Limestone Boat Company Limited ("Limestone" or the "Company") (TSXV: BOAT | OTCQB: LMSBF) today issues a letter to shareholders from its Board Chair, Telfer Hanson.
Key Points:
- NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
COLLINGWOOD, Ontario, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The Limestone Boat Company Limited ("Limestone" or the "Company") (TSXV: BOAT | OTCQB: LMSBF) today issues a letter to shareholders from its Board Chair, Telfer Hanson.
- Dear fellow shareholders and stakeholders,
I am pleased to be able to give you an update on the proposed plan of operations for The Limestone Boat Company.
- Our team has been working extremely hard and the challenges of the past 18 months have been extensive and disheartening for all our stakeholders.
- We have also been addressing the restructuring of the Company balance sheet, which has been supported by our debenture holders and major creditors to date.
Additional funds needed,
EV,
BOAT,
PLLC,
United States bankruptcy court,
COVID-19,
Limestone,
Environment,
Chapter Seven,
Bankruptcy,
Chapter 11, Title 11, United States Code,
Sale,
Bankruptcy Code,
Trustee,
Security (finance),
Coronavirus Limestone expects that the Limestone US Subsidiaries will have a Chapter 7 Trustee appointed by the Office of the United States Trustee (the "Trustee").
Key Points:
- Limestone expects that the Limestone US Subsidiaries will have a Chapter 7 Trustee appointed by the Office of the United States Trustee (the "Trustee").
- Upon the commencement of the Chapter 7 filings by the Limestone US Subsidiaries, their respective business operations ceased immediately and the Trustee immediately took charge of the assets of the Limestone US Subsidiaries pursuant to the United States Bankruptcy Code.
- Until such time as the Company resumes manufacturing operations of the Limestone® brand, expected in Q4 2023 the Company is not projecting any revenue at this time.
- The Company’s US subsidiaries, Ebbtide Holdings, LLC and Limestone US Inc. lack sufficient liquidity to continue operating in the ordinary course of business and thus will no longer be producing boats in the Tennessee facility.
COLLINGWOOD, Ontario, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The Limestone Boat Company ("Limestone" or the “Company”) (TSXV: BOAT | OTCQB: LMSBF) – owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats – announces today that it has provided a notice of default under its trust indenture, dated May 14, 2021, between Limestone and TSX Trust Company as trustee (the "Indenture") in connection with the Company's failure to make the interest payment due under the Indenture on January 3, 2023.
Key Points:
- COLLINGWOOD, Ontario, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The Limestone Boat Company ("Limestone" or the “Company”) (TSXV: BOAT | OTCQB: LMSBF) – owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats – announces today that it has provided a notice of default under its trust indenture, dated May 14, 2021, between Limestone and TSX Trust Company as trustee (the "Indenture") in connection with the Company's failure to make the interest payment due under the Indenture on January 3, 2023.
- The Company continues to pursue alternative liquidity and financing proposals, including financial restructuring initiatives, and remains committed to continuing its long-term operations as soon as possible.
Retrieved on:
Friday, December 23, 2022
COLLINGWOOD, Ontario, Dec. 23, 2022 (GLOBE NEWSWIRE) -- The Limestone Boat Company ("Limestone" or the “Company”) (TSXV: BOAT | OTCQB: LMSBF) – owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats – announces today that it does not anticipate making the upcoming interest payment on the Company's issued and outstanding debentures due December 31, 2022 and that it intends to pursue financial restructuring initiatives in early 2023.
Key Points:
- COLLINGWOOD, Ontario, Dec. 23, 2022 (GLOBE NEWSWIRE) -- The Limestone Boat Company ("Limestone" or the “Company”) (TSXV: BOAT | OTCQB: LMSBF) – owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats – announces today that it does not anticipate making the upcoming interest payment on the Company's issued and outstanding debentures due December 31, 2022 and that it intends to pursue financial restructuring initiatives in early 2023.
- The Company also announces that Ebbtide Holdings LLC, its wholly-owned operating subsidiary in Tennessee, has received Notice of Termination of its floor planning relationship with its primary vendor effective immediately.
- The Company is actively pursuing alternate floor planning options for its Dealers.
- The Company continues to pursue alternative liquidity and financing proposals and remains committed to continuing its long-term operations as soon as possible.
