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Arctic Glacier Income Fund Jumps As Much As 50% On Proposed Refinancing

Shares of Canadian packaged ice maker Arctic Glacier Income Fund (AG-UN.TO) rose as much as 50% on Tuesday, a day after some unitholders of the debt-stricken company proposed a $300 million refinancing of the fund, Reuters said.

The fund's long-term debt was $4.9 million and liabilities were $336.5 million as of June 30, according to Thomson Reuters data.

Arctic Glacier had said in August that its ability to continue as a going concern is dependent on whether it is able to negotiate longer term covenant relief with its lenders. The fund's units, which have lost nearly all their value in the past four years, touched a high of 12 Canadian cents in early trade on the Toronto Stock Exchange.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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