Friday Morning News – November 10th

Nov 10, 2017 @ 07:50

Weather
Today – Mainly sunny. High minus 7.
Tonight – Increasing cloudiness. Periods of snow beginning overnight. Wind south 20 km/h gusting to 40. Low minus 13 with temperature rising to minus 3 by morning.

Marine

Strong wind warning in effect. Wind northwest 15 knots diminishing to light near noon then increasing to south 15 early this evening. Wind increasing to south 25 late this evening then veering to southwest 30 Saturday morning. Wind diminishing to southwest 20 near noon Saturday and to south 15 Saturday evening. Waves 2 metres subsiding to one this morning then building to 2 to 3 near midnight. Waves subsiding to one Saturday evening.

 

News Tidbits

  • The CN Rail derailment near Gogama on March 7th, 2015 is still haunting residents. A Timmins law firm has sent letters to Gogama area residents/cottagers about a class-action lawsuit that has been filed against CN Rail. The claim was filed in July and there are indications that despite CN Rail and the MOE’s view of the oil spill cleanup being complete – there are many indications that this is not true, and that more environmental testing should be done. Wallbridge’s letter said the claim against CN Rail was filed back in July and that there are indications that the clean-up of the oil spill in the area is not properly done yet.
  • 42 years ago the Edmund Fitzgerald sank, killing all 29 crew members.
  • Rentech has announced their third-quarter results.

On October 2017, Drax, the Wawa Company, and Rentech entered into a deed of termination whereby the Drax contract and the Rentech guarantee of the Wawa Company’s obligations to Drax were terminated with no further continuing obligation amongst the parties.

In November 2017, the Wawa Company was notified by Northern Ontario Heritage Fund Corporation (NOHFC) that it did not fulfill its covenants under a conditional grant provided by NOHFC to the Wawa Company. The breach was a failure by the Wawa Company to have the Wawa Facility operating for the duration required under the grant agreement. Therefore, NOHFC issued a notice of default and demand of repayment of the grant in an amount of approximately $2.5 million. Any default by the Wawa Company under the grant to the Wawa Facility would trigger a cross-default under NOHFC’s grant to the Atikokan Company, which has separately complied with the requirements under its grant agreement. If the Atikokan Company receives a notice of default and demand of payment, the payment under its grant would be in the amount of $0.8 million. As of September 30, 2017, the Company has recorded a liability relating to NOHFC for $3.3 million.

You can read the entire report here.

Leave a Reply

Your email address will not be published. Required fields are marked *

*