November 10, 2010 / 2:01 PM / in 8 years

UPDATE 1-Arctic Glacier says main focus to refinance debt

* Posts Q3 loss on impairment charge, interest costs

* Working capital deficit of $62.8 mln as of Sept 30

* Net debt, excluding convertible notes, $161.7 mln

* Q3 adj shr $0.03; sales up 4 pct to $104.8 mln

Nov 10 (Reuters) - Arctic Glacier Income Fund AG_u.TO said its main focus was to refinance its debt due next year, and the packaged ice maker, which swung to a quarterly loss, reported a working capital deficit.

Two months ago, the debt-laden fund, with a market value of C$54.7 million ($54.37 million), said it was evaluating financing and strategic alternatives after settling allegations of violating antitrust laws. [ID:nSGE68G0IK]

As at Sept. 30, Arctic Glacier’s net debt, excluding convertible debentures, was $161.7 million. As of the same date, it had a working capital deficit of $62.8 million due to the reclassification convertible debentures as liabilities.

“One of the most pressing issues for the Fund is the requirement to refinance convertible debentures with a face value of C$90.6 million that mature on July 31, 2011,” Chief Executive Keith McMahon said in a statement.

In the July-September quarter, the fund posted a loss of $48.5 million, or $1.24 a unit, and included a $76 million impairment charge, while interest expenses jumped 76 percent.

The fund, which has operations in Canada, California, and the midwestern United States, earned $8.3 million, or 21 cents a unit, a year-ago.

Units of the Winnipeg, Manitoba-based fund have lost 20 percent in value since announcing its search for strategic alternatives and closed at C$1.43 on Tuesday on the Toronto Stock Exchange. ($1=1.006 Canadian Dollar) (Reporting by Isheeta Sanghi in Bangalore; Editing by Aradhana Aravindan)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below