Winnipeg Free Press - ONLINE EDITION

Financial troubles continue for Arctic Glacier

  • Print

WINNIPEG — The financially-troubled Arctic Glacier Income Fund has reported substantial net losses for the final quarter of 2011 and for the year as a whole.

The Winnipeg-based packaged ice company announced today that it recorded a net loss of $54.7 million, of 16 cents, for the fourth quarter of last year, and a net loss of $84.9 million, or 50 cents per unit, for the full 12 months of 2011.

That compared to a net loss of $22.1 million, or 57 cents per unit in the final three months of 2010, and a net loss of $82.7 million, or $2.12 per unit for all of 2010.

The company said the big different in per-unit results between the fourth quarter of last year and the final quarter of 2010 was partly due to there being a higher number of units outstanding in the final quarter of last year because of a debenture conversion earlier in the year.

Arctic Glacier has been rocked in the last couple of years by a prolonged antitrust investigation in the United States and by related civil litigation on both sides of the border.

After exhausting all of its options to refinance the company over the past year, a liquidity crisis forced Arctic Glacier to seek protection from the Canadian and U.S. courts last month until it can complete a court-supervised recapitalization of its business under the companies’ Creditors Arrangement Act (CCAA).

That process includes seeking a buyer for the company. In the meantime, an additional $50 million was made available to enable it to continue operating as a going concern and to continue paying its suppliers.

All current litigation against the company also was stayed until it emerges from CCAA protection.

murray.mcneill@freepress.mb.ca

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Theresa Oswald Leadership Bid

View more like this

Photo Store Gallery

  • Two Canada geese fly Wednesday afternoon at Oak Hammock Marsh- Front bird is banded for identification- Goose Challenge Day 3- - Apr 30, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • A gaggle of Canada geese goslings at Woodsworth Park in Winnipeg Monday- See Project Honk Day 05- May 07, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

With the Canadian junior team off to such a great start, will you be watching the World junior hockey championship?

View Results

Ads by Google