Julien Arsenault, La Press, October 28th, 2024
https://www.lapresse.ca/affaires/entrep ... dation.php
Péladeau’s offer or liquidation
Chrono Aviation had no choice but to sell its jewel – a private terminal – to Starlink Aviation, controlled by Pierre Karl Péladeau.
Otherwise, this troubled charter flight specialist would have been dismantled, which would have caused its secured creditors,
including Investissement Québec (IQ), to lose money.
If the Superior Court of Quebec gives its approval to the transaction currently on the table, a little more than 37 million will be reimbursed
to Chrono's lenders, according to court documents consulted by La Presse. This is a “full repayment” of secured creditors.
The investing arm of the Quebec state will be able to recover 4.5 million.
“If the transaction fails, it is likely that the debtors [Chrono] will be forced to cease their activities,” underlines the firm Deloitte,
which acts as controller in this matter, adding that this scenario would result in a “forced liquidation” of the assets of the Quebec carrier."
“The proposed transaction constitutes the only possible avenue to save the company and the approximately 300 jobs it generates,”
underlines the draft order which should be presented this Monday to the court.
As part of its efforts to restructure, Chrono “voluntarily did not solicit” Nolinor, its main competitor, reveals the controller.
In addition to a legal dispute worth 21.5 million between the two companies since 2020, Chrono believes that approaching Nolinor would have been too complicated.
“It would have been impossible for the debtors to contact Nolinor without communicating secret and commercial information that
could potentially be used against them and significantly harm their restructuring project,” underline Benoit Clouâtre and Éric Vincent,
managers at Deloitte in matters of restructuring. restructuring."
