Ultimately, it was the company Starlink Aviation, controlled by Pierre Karl Péladeau, CEO of Quebecor, which bought the assets of Chrono Aviation, which was drowning in debts of $37 million.
At the end of October, investor Luc Poirier told The Press having offered around thirty million dollars for the Chrono buildings.
However, in a decision rendered last Monday, Judge Jacques G. Bouchard of the Superior Court ruled in favor of the offer from businessman Pierre Karl Péladeau, CEO of Quebecor, owner of Journal.
“The transaction as proposed appears necessary, reasonable and fully justified in the circumstances. It meets all of the objectives and criteria of the Companies’ Creditors Arrangements Act (CCAA) so that it receives authorization from the Court,” indicates the magistrate.
It was in 2023 that Pierre Karl Péladeau purchased Starlink, for around thirty million dollars, from Philippe de Gaspé Beaubien III and luxury fashion designer Brian Cytrynbaum. This company thus recovers the assets of Chrono Aviation.
Debts of $37 million
According to Deloitte documents consulted by The Journalwe learned that Chrono Aviation was drowning in debts of $37 million, including $20 million to the National Bank, $2.5 million to LBC Capital Inc., $2.2 million to BDC Capital Inc. and $3 million to the Business Development Bank of Canada.
Chrono also had a debt of $4.5M to Investissement Québec and $5.1M to Q-12 Capital.
The company had been under CCAA protection since mid-October.
-Further details will follow.
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