Arctic Glacier to restructure under CCAA
Arctic Glacier’s secured lenders have agreed, subject to court approval, to provide up to $50 million in debtor in possession financing to fund operations during the CCAA process. Bankruptcy Code.
No layoffs or lease term louis vuitton outlet inations are planned and the fund said it intends to pay its suppliers as usual, including amounts owed prior to the CCAA filing.
Keith McMahon, president and chief executive of Arctic Glacier, said the court supervised process is the company’s best option to secure its future.
“The CCAA process would allow the time and stability required to implement louis vuitton outlet the solicitation process, while continuing our normal day to day operations,” Mr. McMahon said in a statement.
Arctic Glacier units were delisted from the Toronto Stock Exchange last month and moved to the Canadian National Stock Exchange.
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The fund warned in November that its future was in doubt even as its financial results improved as it was in breach of financial covenants under its credit facilities as of Sept. 30.
It said at the time that talks with its lenders who had served notices of default were continuing, but could make no assurances as to the outcome.
Revenue totalled $111.8 million, up seven per cent from $104.8 million in the same period a year earlier.
The fund said that results of both periods were “significantly affected” by costs associated with a prolonged antitrust investigation and related litigation, a review of financing and strategic alternatives, as well louis vuitton outlet as goodwill and intangible asset impairment charges.