Ok I will agree that bankruptcy is not the worst thing that can happen, but coming to terms with the lenders is better than bankruptcy.
No action from the lenders thus far is a good sign that Vanderbeek is doing something right. Why accept bankruptcy and risk getting bought by someone like Charles Wang? I would rather have VBK remain the owner. He is actually willing to spend.
Coming to terms with the lenders, in this case, basically has been saying the Devils saying "**** you, I'll pay what and when I want."
That's not a good situation if they ever need money again from lenders...
"Why I'll be a Devil forever [...] two words. Trust and respect." - Mr. Pat Burns
"I learned not to question Cowbell's willingness to ban." - Brian Boyle
"Gallacher is the chairman of the board for Athabasca Oils Sands, Corp. - a company he started and recently took public after a $1.9 billion investment from PetroChina. He also is the president of Avenir Capital Corp., a Calgary-based company that helps finance energy and real estate investments. Gallacher also is the owner of the Portland Winterhawks, a Major Junior hockey team, and has helped rebuild it in only three years."