The Globe and Mail reports in its Saturday edition that staring down an unsustainable debt load, TC Energy hopes to reinvent itself and find growth by spinning out its oil division. The Globe's Emma Graney and Tim Kiladze write, however that TC's share-price slump has only accelerated, and analysts are questioning the very purpose of the reorganization, because it does little to lower the company's immediate debt problem. TC believes hiving off its oil pipelines -- known as "liquids" pipelines in the industry -- into a separate publicly traded company will allow management "to pursue more growth for the benefit of our shareholders than we could today," chief executive officer François Poirier said on a conference call Friday. Yet analysts at TD Bank wrote in a client research note that they are "skeptical that any liquids spinoff would unlock value for shareholders." The analysts added, "We see execution risk introducing uncertainty and potentially distracting TC from its existing strategic priorities." At the top of that priority list is repaying debt. Once again, TC is struggling with the weight of its balance sheet. The last time this happened, in 1999, the company had racked up debt, it chopped its dividend.