It appears to me that our Government has supported this deal through Export Development Canada. I have posted subsections (f) and (g) from section 2 of the Sedar filing. If I am correct in my interpretation it may explain why they feel so confident the deal will go ahead. Does this violate the EDC business ethics guidelines? I have sent a complaint to EDC I leave it up to others to decide if they feel the same way. It won't stop the deal apparently but certainly won't help it either if EDC withdraws their financial support. I can't believe our tax dollars would be used in such a way.
"EDC has become a party to the New Amended Credit Agreement"
2. Plan. The Recapitalization will be effected, subject to the terms and conditions of this Agreement, by way of the Plan under section 192 of the CBCA. Under the Plan:
(f) provided that EDC has agreed to provide the Contemplated EDC Commitment, or any other financial support in relation to the Recapitalization that is acceptable to the Versa Parties and the Lender Parties, each acting reasonably, and provided
further that EDC has become a party to the New Amended Credit Agreement, the rights and obligations of EDC under the New Amended Credit Agreement shall become effective at the Effective Time;
(g) in the event that EDC has not agreed to provide the Contemplated EDC Commitment, or any other financial support in relation to the Recapitalization that is acceptable to the Versa Parties and the Lender Parties, each acting reasonably,
and this Agreement has not been terminated pursuant to section 20(e)(v), the New Revolving Lenders shall provide the Revolving Credit Facility and the Documentary Credit Facility, subject to the other terms of such facilities, without
any financial support from EDC;
From EDC website:
Business Ethics
We conduct our business with honesty, integrity and fairness, and expect the same from our customers.
EDC views business ethics as fundamental to successful business practices. Operating ethically means, at a minimum, conducting its affairs in accordance with the letter and spirit of the applicable laws of the countries in which EDC does business.
Who can File a Complaint
Any individual, group, community, entity or other party affected or likely to be affected by EDC’s corporate social responsibility policies and initiatives can submit a complaint. If a complaint is being made on behalf of another party, that group should be identified and evidence of authority to represent that group provided.
Anonymous complaints will be not be accepted. However, material can be submitted confidentially to support a complaint. This information will not be released without the consent of the party who provided the information.
How to Submit a Complaint
Complaints can be made in writing in English or French. They can be sent by mail (151 O’Connor Street, Ottawa ON K1A 1K3), fax ((613) 594-3782), email complianceofficer@edc.ca or delivered to the office of the Compliance Officer at 151 O’Connor Street, Ottawa, ON. You can also fill in an electronic Request for Review Form.
What to Include in a Complaint
The complaint must be in writing, or submitted electronically via our Request for Review Form however it does not need to follow a specific format. It does however, help to speed up the process if we receive the following details:
Your name, address and other contact information such as phone and fax numbers, cell phone, email address.
If you are representing a complainant, please provide contact information for yourself and the group/person you are representing.
Background information on your complaint, including the names of any people you may have dealt with in an attempt to resolve the issue or raise your concerns.
A clear statement outlining your opinion of the social, business or environmental impact of the problem.
Your opinion on the desired result or outcome of an investigation (this way we have a clear understanding of what you expect from the process).
What has been done to solve the problem, including any previous contact with EDC.
Acknowledging Receipt
You will receive acknowledgement usually within five business days. |
