Limestone Boat Company Limited (TSE:BOAT) has released an update.
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The Limestone Boat Company Limited has reported a default due to its inability to make scheduled interest and principal payments on its outstanding debentures, while simultaneously sharing positive news about the resumption of boat manufacturing at its New Brunswick facility. The company has expressed intentions to convert the debenture debt into common shares, pending approval from debenture holders. In addition, Limestone has confirmed progress on upgrades and new tooling for its boat models, with an optimistic outlook for increased production capacity and dealer interest.
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