Business
Taiga Building Products Ltd. announces confirmation of note interest deferral
BURNABY, BC, April 9 /CNW/ - Taiga Building Products Ltd. (TSX: TBL), ("Taiga" or the "Corporatio...
About this update from Taiga Building Products Ltd.
[{"type":"text","content":"\n\n\n\nBURNABY, BC, April 9 /CNW/ - Taiga Building Products Ltd. (TSX: TBL),\n("Taiga" or the "Corporation") today announced that, further to its news\nrelease dated March 23, 2009, based on its unaudited March 31, 2009 financial\nstatements, its debt service coverage ratio has crossed the threshold\nspecified in the Note Indenture, below which Taiga may defer interest payments\non its Subordinated Notes. As a result, the Corporation confirmed that it has\nelected to defer interest payable on the Notes, commencing on April 15, 2009\nwith respect to interest accruing to March 31, 2009.\n\n\nThe Subordinated Note interest deferral will result in an approximate\n$1.3 million net cash savings per month. Taiga anticipates that it shall\ncontinue to defer interest on the Subordinated Notes, provided it remains able\nto do so under the terms of the Note Indenture, for the immediately\nforeseeable future. All unpaid interest will accrue to the benefit of\nNoteholders and attract a further 14% interest on interest charge.\n\n\nForward-Looking Statements:\n\n\nThis press release contains certain forward-looking information and\nstatements relating, but not limited, to future events or performance and\nstrategies and expectations of Taiga. Forward-looking information typically\ncontains statements with words such as "consider", "anticipate", "believe",\n"expect", "plan", "intend", "likely", "may", "will", "should", "predict",\n"potential", "continue" or similar words suggesting future outcomes or\nstatements regarding expectations, beliefs, plans, objectives, assumptions,\nintentions or statements about future events or performance. Readers should be\naware that these statements are subject to known and unknown risks,\nuncertainties and other factors that could cause actual results to differ\nmaterially from those suggested by the forward-looking statements.\n\n\nThese forward-looking statements reflect management's current\nexpectations or beliefs and are based on information currently available to\nTaiga and although Taiga believes it has a reasonable basis for making the\nforward-looking statements included in this document, readers are cautioned\nnot to place undue reliance on such forwa...