http://cfcanada.fticonsulting.com/ly...22,%202024.pdf
See Exhibit 38 in the CCAA filing to review the payment terms Lynx was given by the Canada Revenue Agency on the $25m + 10% annual interest paid quarterly owed on 9 tails.
Hint: It jumps from $100k a month in Dec 2023 to $700k a month in April.
Flair owes $67m + interest on 18 tails.
Flair’s repayment sched will be at least double Lynx’s given the revenue generating potential of their 20 tails vs Lynx’s 9 tails.
$1.5m a month paid monthly until Dec 2028; a total of $89m including interest.
It’s a big number and nothing to sniff at, especially when Flair’s cash is already extremely tight, and their historic source of cash, albeit at 18% interest, 777Re in Bermuda and Haymarket are battling with their respective regulators to stay afloat. Google it.
Just because Lynx failed doesn’t mean a couple more in Canada, one with a carbon copy business plan, aren’t also on in serious trouble with one operating on a day to day basis.