"If it ever gets to what your suggesting, (bankruptcy) in Canada we have ( CCAA ) Company Creditors Arrangement Act protection before it ever gets to the B word."

Either way & no matter how you slice it , i agree with Jonzo .The point being: we are technically in default now given the details we have been provided with. 

At minimum we have to assume as much especially if we hear nothing by tmr morning. To take it to this point without any guidance proves just how "bush league" & incompetent this ceo & bod are.
 They had control but your probably correct in saying hepa is now in control.