Limestone Boat Co. last week laid off some 27 employees and announced the temporary curtailment of operations at its facility in St. Stephen, New Brunswick, according to reporting at MarketScreener.com.
Separately, Limestone announced May 14 that it provided notice of default under its trust indenture with TSX Trust Co. in connection with its failure to make interest and principal payments due on outstanding debentures. In a statement, Limestone said:
“Throughout the suspension of manufacturing operations, the company’s dealer partners have remained supportive with over a dozen additional dealers having expressed interest in the Limestone model lineup and Limestone’s outboard power configurations as capacity increases in the months ahead.”
Limestone said it is converting “all of the outstanding principal due under the debentures, plus accrued and unpaid interest, into common shares of Limestone at the conversion price of $.071, which was approved at a meeting of the debenture holders in July 2023.”
Limestone said that it aims to resume production later this year, subject to financing.
