2014-02-11 at 16:22
Global Sticks auction won’t cover debt: Liquidator
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Global Sticks assets won't be worth it's debt value, according to a liquidator working the lot.
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Vice-president of Infinity Asset Solutions Jason Hayne says there are just more than 500 lots of manufacturing equipment to sell, which range from $5,000 to $75,000.
“Buyers have come from around the world, some of them registered online and some of them are here,” Hayne told CKPR Radio Tuesday. “It’s unfortunate that all of the money won’t be recovered.”
The sales from the auction will go toward the more than $15 million of debt accumulated by Global Sticks.
Once believed to be a promising value-added forestry enterprise, Global Sticks was given a $7 million from the province in 2011 to produce novelty wood products.
But the company went bankrupt within a year of the operation's opening.
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