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  "docSlug": "207d3ac66ddd",
  "documentTitle": "Canadian Tire Corporation (CTC.A)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
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  "notes": "The slide uses red callout boxes to interpret specific legal text, highlighting the 'guarantee' aspect of the dealer business model.",
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      "kind": "callout",
      "text": "Guaranteed financing, even during bankruptcy, is instrumental to the business model",
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      "kind": "callout",
      "text": "Canadian Tire controls the Dealer relationship and has the ability to terminate Dealer contracts",
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      "kind": "callout",
      "text": "Canadian Tire is exposed to all of the debt and leverage at the Dealer level",
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      "kind": "paragraph",
      "text": "Canadian Tire Dealer Bankruptcy Filing [4] Canadian Tire acts as the primary supplier... [5] ...Canadian Tire delivered a notice on June 1, 2011 terminating the Dealer Contract... [10] ...three main lenders... (i) Franchise Trust, guaranteed by Canadian Tire; (ii) CIBC... guaranteed by Canadian Tire; (iii) Canadian Tire. [12] ...Canadian Tire has guaranteed this bulge facility.",
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      "kind": "title",
      "text": "Dealers Do Default: Full Exposure To Dealers Economics",
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