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The firm is out of cash and missed interest payments in late October and early November, its court filings said. The Canada Infrastructure Bank also sent it notices of default on loans to finance broadband expansions in Ontario and Atlantic Canada. Xplore’s filings say it’s been losing subscribers and earnings, paying up-front capital costs while struggling to complete the expansions, and pursuing “strategic opportunities” that it hasn’t been able to execute yet. It wants breathing room while it figures out its options. (The Logic)
Talking point: The federal infrastructure bank didn’t respond by deadline to questions about whether it expects to recover the money it has advanced. Xplore went through a recapitalization barely two years ago with its main shareholder, U.S. infrastructure investor Stonepeak, which is also among some lenders promising to put up financing to keep Xplore afloat for now. The internet company has sought rural-internet business with the Ontario and Quebec governments; it lost out to SpaceX’s Starlink in deals those provinces ultimately soured on.
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