Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 15 Jan 2018 My Price 8.00

Newman Engineering's liabilities

At December 31, 2009 Newman Engineering's liabilities include the following:1. $10 million of 9% bonds were issued for $10 million on May 31, 1988. The bonds mature on May 31, 2020, but bondholders have the option of calling (demanding payment on) the bonds on May 31, 2010. However, the option to call is not expected to be exercised, given prevailing market conditions.2. $14 million of 8% notes are due on May 31, 2013. A debt covenant requires Newman to maintain current assets at least equal to 175% of its current liabilities. On December 31, 2009, Newman is in violation of this covenant. Newman obtained a waiver from RBC until June 2010, having convinced the bank that the company's normal 2 to 1 ratio of current assists to current liabilities will be reestablished during the first half of 2010. -waiver obtained Feb. 1, 2010.3. $7 million of 11% bonds were issued for $7million on August 31, 1978. The bonds mature on July 31, 2010. Sufficient cash is expected to be available to retire the bonds at maturity.
However it was decided to issue $3million in common shares (which was done on March 31, 2010) the proceeds of which were to be used to in part repay the bond maturity- the funds were deposited with a trustee to this effect.
The financial statements were released on April 2, 2010.
Required:What portion of the debt can be excluded from classification as a current liability (that is, reported as a concurrent liability)? Explain and base your discussion on both IFRS and ASPE.

 


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Maurice Tutor
(5)
Status NEW Posted 15 Jan 2018 10:01 PM My Price 8.00

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