GrowthWorks Canadian Fund Ltd. Provides Update on CCAA Proceedings
TORONTO, May 6, 2014 /CNW/ - GrowthWorks Canadian Fund Ltd. (the "Fund"), which previously announced that it obtained orders of the Ontario Superior Court of Justice (the "Court") granting it creditor protection pursuant to the Companies' Creditors Arrangement Act (Canada) ("CCAA") until and including May 9, 2014, today announced that it has obtained an order of the Court (the "Stay Extension Order") to further extend the "Stay Period" until and including May 16, 2014 to allow for the completion of discussions with Roseway with respect to the possible retention of Roseway to act as an investment advisor to the Fund, managing the orderly disposition of the Fund's investment assets in exchange for certain fees. Any proposed advisory agreement between the Fund and Roseway would be subject to Court approval. The Stay Extension Order continues and extends the stay of proceedings, which has stayed certain creditor claims and the exercise of contractual rights against the Fund.
This press release contains forward looking statements, including statements with respect to the CCAA Proceedings. These forward-looking statements reflect the Fund's current views and are based on certain assumptions, including assumptions as to future operating conditions and courses of action, sale or refinancing alternatives, economic conditions and other factors the Fund believes are appropriate. Such forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in these statements, including the risk that the Fund is unable to reach agreement with Roseway upon an asset management and realization plan on terms that are acceptable to the Fund and, as a result, Roseway seeks to pursue remedies against the Fund, including the appointment of a receiver for the Fund's assets and a winding up of the Fund; the risk that any disposition of the Fund's assets may not yield proceeds sufficient to satisfy in full the Fund's payment obligations to Roseway Capital S.a.r.l., the Fund's other creditors or any distribution to the Fund's shareholders; the risk that litigation or defence proceedings involving claims by the former manager of the Fund or other third parties against the Fund may involve substantial expense and, if successful, could require the Fund to pay substantial damages; and those risks and uncertainties disclosed in the Fund's most recently filed prospectus and other regulatory filings posted on SEDAR at www.sedar.com. These risks and uncertainties may cause actual results, events or developments to be materially different from those expressed or implied by such forward-looking statements. Unless required by law, the Fund does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or results or other factors.
SOURCE GrowthWorks Canadian Fund Ltd.For further information:
FTI Consulting Canada Inc. Court Appointed Monitor of GrowthWorks Canadian Fund Ltd.
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