Quebec weighs refinancing of cement company started by Bombardier-Beaudoin family [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Open this photo in gallery McInnis Cement, the Bombardier-Beaudoin family-controlled promoter of a massive new cement plant under construction in Gaspé, Que., on Aug 21, 2015. Jacques Gratton/Globe and Mail Quebec is weighing a request by the shareholders of McInnis Cement to swap the debt the province holds in the venture for equity, raising questions about the financial health of the controversial Gaspé Peninsula project as it increases production. Jean-Pierre D’Auteuil, spokesman for Quebec’s Ministry of Economy and Innovation, confirmed information obtained independently by The Globe and Mail that a request has been made to the ministry and to Investissement Québec, the government’s investment arm, to convert $250-million of debt into shares in McInnis. The application is currently being reviewed, he said. Asking the province to swap the entirety of the debt into equity suggests the shareholders are looking for some financial breath
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