Edgeworth Properties Inc. granted protection under Companies' Creditors Arrangement Act

TORONTO, Nov. 11, 2011 /CNW/ - On November 10, 2011, Edgeworth Properties Inc. and certain of its affiliated companies (collectively, the "Companies") obtained protection under the Companies' Creditors Arrangement Act ("CCAA").  Pursuant to the order issued by the Ontario Superior Court of Justice (Commercial List) (the "Court") on November 10, 2011 (the "Initial Order"), Grant Thornton Limited was appointed the Companies' monitor ("Monitor").  On the same date, MNP Ltd. was appointed as Receiver of 16 of the Companies' properties pursuant to an order of the Court (the "Receivership Order").

A copy of the Initial Order, the Receivership Order and a listing of the entities that obtained protection pursuant to the Initial Order are available on the Monitor's website at: www.grantthornton.ca/edgeworth.  Parties wishing to contact the Monitor should call:1-855-747-2648 or email: edgeworth@ca.gt.com.

During the Companies' restructuring proceedings, the Companies are continuing under the direction of Eagle Ridge Capital Corporation, which was appointed by the Court as the Company's Chief Restructuring Organization ("CRO").  The Companies have also arranged for Century Services LP to provide interim financing during the CCAA period, the terms of which were approved pursuant to the Initial Order.

"The stay of proceedings granted by the Court and the approval of the interim financing are intended to provide the Companies with the opportunity to develop a Restructuring Plan aimed at maximizing recovery for all stakeholders.  The Companies and the CRO will consult with the Receiver and the Companies' various stakeholders for the purpose of developing a Restructuring Plan," said Michael Creber of Grant Thornton Limited.


SOURCE Grant Thornton LLP

For further information:

Further enquiries, please contact
Tania Freedman
T 416.607.2745
tania.freedman@ca.gt.com
Issued on: November 11, 2011

Notes to editors
Grant Thornton Limited is a Canadian Member of Grant Thornton International Ltd.


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