Ssense to File for Bankruptcy Protection After Creditors Push for Sale - The Business of Fashion

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Open this photo in gallery:Satellite antennas at the Telesat facility in Allan Park, Ont., in 2019. The company, which started out as a Crown corporation before becoming a private entity in the 90s, operates communications satellites. The Globe and MailLenders to Ottawa-based Telesat Corp. TSAT-T have proposed a new recapitalization plan ahead of a looming debt-repayment deadline that the satellite operator is at risk of missing. Telesat, which is building a constellation of low-Earth-orbit satellites dubbed Lightspeed, has approximately US$1.71-billion in debt coming due Dec. 6, with another US$438-million of debt maturing in 2027. The debt was issued by a subsidiary of the company called Telesat Canada and is tied to the company’s fleet of geostationary satellites, an older business division that is in decline. Telesat has said in financial filings that its cash flow is insufficient to meet all of its debt obligations. The lenders – including Silver Point Capital, GoldenTree Asset Management and Sound Point Capital Management – recently put forward a second proposal to the company, according to a source familiar with the situation.

Until recently, the Radiant World group of companies was little known outside the world of iron ore trading. But in the last two months, the company has faced an onslaught of accusations from lenders that it issued fake invoices, alongside a breakdown of its once-close relationship with mining and trading giant Glencore. Radiant World has denied wrongdoing. Here, drawing on our own reporting and other sources, GTR unpacks the allegations levelled at the company, what it has said in response, what is set to happen next and the potential implications for invoice financing.

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There were some slight changes in fuel prices overnight. Gas is up by 1.7 cents this morning. Diesel is down by less than a cent on the island and just over two cents in Labrador.