Loewen gains reprieve from CIBC

Article Abstract:

Loewen Group Inc., a funeral company based in Burnaby, BC, has received permission to extend its search for a buyer of the 13.6% share in its operations that is presently owned by Canadian Imperial Bank of Commerce. The stock which amounts to 10 million shares previously owned by Loewen founder Ray Loewen will need to be sold for C$16 each. The shares will be sold if Mr. Loewen agrees to sell his shares or the closing price of the stock is less than C$8. The bank assumed control of Mr. Loewen's shares which had turned over as collateral for a loan worth $145 million.

Comment:

Is open to extending search for a buyer of 13.6% share in the operations of Loewen Group Inc

Commercial Banks, Commercial Banking, Asset sales & divestitures, British Columbia, Canadian Imperial Bank of Commerce, Article

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Loewen awaits banks' decision

Article Abstract:

Funeral service company Loewen Group Inc. of Burnaby, British Columbia, is seeking a concession from its creditors to prevent the company from going bankrupt. The company is asking two banking syndicates to relax loan covenants related to a $600-moillion revolving credit facility and a $97-million term loan. Loewen Group is seeking bankrupty protection to enable the company to restructure its C$2.1-billion debt.

Organizational history

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