Bear Mountain under creditor protection

VANCOUVER, March 25 /CNW/ - An Order has been made today in the Supreme Court of British Columbia placing Bear Mountain Master Partnership under creditor protection pursuant to the Companies' Creditors Arrangement Act, resulting in creditors and other third parties being stayed from terminating agreements or otherwise taking any steps against Bear Mountain. Prowis Inc. has been appointed the Chief Restructuring Officer for Bear Mountain, and PricewaterhouseCoopers Inc has been appointed the Monitor.

Over the past nine years, the Bear Mountain development has been a major contributor to the growth of the local community resulting in many new businesses and hundreds of jobs being created. It has received international acclaim for Southern Vancouver Island as a world-class golf destination. Both customers and suppliers can be assured that, while restructuring measures are implemented, it will be business as usual at Bear Mountain Resort with no interruption to the large number of events that are planned to take place, including all conference reservations, golf tournaments and the esteemed TELUS World Skins Game to be held June 21 and 22, 2010. The company's bank has indicated that it will provide continued support during the restructuring.

The Monitor and the Chief Restructuring Officer will be communicating with customers and suppliers in the near future. Any enquiries can be addressed in writing to the Monitor as follows:

    
        PricewaterhouseCoopers Inc.
        Suite 700-250 Howe Street
        Vancouver, B.C. V6C 3S7
        Phone: 604-806-7717 (voice mail only)
        Email: bearmountain@ca.pwc.com
    

As the Resort works through this important restructuring period, the patience of all concerned is appreciated.

SOURCE PRICEWATERHOUSECOOPERS INC.

For further information: For further information: Email: bearmountain@ca.pwc.com

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PRICEWATERHOUSECOOPERS INC.

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