Arctic Glacier shares soar on proposed refinancing

Tue Sep 20, 2011 10:14am EDT
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(Reuters) - Shares of Canadian packaged ice maker Arctic Glacier Income Fund AG_u.TO rose almost 50 percent on Tuesday, a day after some unitholders of the debt-stricken company proposed a $300 million refinancing of the fund.

The fund's long-term debt was $4.9 million and liabilities were $336.5 million as of June 30, according to Thomson Reuters data.

Arctic Glacier had said in August that its ability to continue as a going concern is dependent on whether it is able to negotiate longer term covenant relief with its lenders.

The Winnipeg, Manitoba-based fund's units, which have lost nearly all their value in the past four years, touched a high of 12 Canadian cents in early trade on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel)