Winnipeg Free Press - PRINT EDITION
$1-B lifeline created for troubled firms
The EDC said it has agreed to become the top contributor to a new fund that would act as the bank of last resort to struggling companies that are unable to obtain credit through normal channels.
The Crown corporation has put up $450 million and Toronto-based Brookfield Asset Management (TSX:BAM.A), the former Brascan conglomerate, another $100 million to the fund.
Other investors include the Canadian Imperial Bank of Commerce (TSX:CM) and Sun Life Financial Inc. (TSX:SLF), one of Canada's largest insurers.
Brookfield will manage the fund and provide so-called debtor-in-possession loans and other specialty financing to insolvent Canadian companies who need money to pay the day-to-day bills while they restructure or reorganize.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition August 20, 2009 B8
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