P.M. BRIEFING : Bank Gives Campeau Extension
Robert Campeau was granted an extension in his bid to regain majority control of the company he founded four decades ago, the National Bank of Canada said today.
The bank was to have received $34 million last Thursday as part of a deal reached two months ago with Campeau in return for a number of Campeau Corp. securities seized after a personal loan default.
In a brief statement, the bank said it extended the date when the payment must be made “in accordance to the terms of the initial agreement.”
A spokeswoman at the bank said she did not know how long an extension had been granted, and added that the bank is not planning to provide further details.
Reports indicated that Campeau has until June 30 to provide the first installment, but analysts remained skeptical whether Campeau will be able to raise the funds despite the added time.
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