Livent-CIBC fight led to cash woes

Article Abstract:

Livent Inc. said that Canadian Imperial Bank of Commerce (CIBC) refused to honor its checks or accord additional funds to preserve the operation of Livent, leading to the entertainment company's Chapter 11 bankruptcy filing. According to the bankruptcy filing, the bank refused to provide additional money because Livent has already consumed a C$50-million line of credit. Livent, which received the promise of a group of company directors to lend up to $5.5 million, said that it is out of cash and would need an immediate investment to maintain its business.

Comment:

Says that CIBC refused to honor its checks or accord additional funds to preserve operation, leading to bankruptcy filing

Performing Arts Companies, Theatrical & Concert Artists & Producers, Livent Inc., Article

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Judge extends Royal Oak protection period

Article Abstract:

Royal Oak Mines Inc, a Kirkland, WA-based insolvent company, was given by Justice James Farley of the Ontario Court's General Division five more days of court protection from creditors owed a total of C$600 million. Trilon Financial Corp of Toronto, Canada, Royal Oak's biggest creditor, cut off an C$8.4-million loan after the latter made unauthorized payments totaling C$1.2 million, including almost C$600,000 for premiums on a life insurance policy for six executives.

Gold Ore Mining, Gold Mines, Royal Oak Mines Inc.

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CIBC drive to cut costs could double annual target

Article Abstract:

The reasons behind president Gerald McCaughey's financial revival of Canadian Imperial Bank of Commerce are presented.

Commercial Banks, Management dynamics, Banking industry, Management, Company restructuring/company reorganization, Reorganization and restructuring, Company business management, Canadian Imperial Bank of Commerce, Company organization, McCaughey, Gerald

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