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
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
Issued on: November 11, 2011
Notes to editors
Grant Thornton Limited is a Canadian Member of Grant Thornton International Ltd.