EarthFirst Canada Inc. - 22nd Default Status Report and update
/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
On
1. granted an extension until October 30, 2009 of the Initial Order granted on November 4, 2008 pursuant to which EarthFirst was granted protection under the CCAA. The extension was supported by Ernst & Young Inc., the Court appointed Monitor of EarthFirst's CCAA process; 2. approved certain amendments to the previously announced Asset Purchase Agreement ("APA") which among other things reduces the consideration under the APA by $15.5 million, $11.7 million of which is to be funded through EarthFirst's existing cash reserves; and 3. approved a Plan of Arrangement concerning and affecting EarthFirst pursuant to which EarthFirst will seek creditor approval at a meeting scheduled to be held on October 14, 2009.
Additional amendments to the APA are currently being negotiated and will be brought forward to the Court for approval on
EarthFirst reports that since announcing the original Notice of Default on
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation including the timing and continuance of CCAA protection. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of EarthFirst to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Specifically, some of the material risks include the uncertainty involved in the Court proceedings and the implementation of a Plan under the CCAA.
The forward-looking information contained in this news release represents the expectations of EarthFirst as at
For further information: For further information: Brian Trypka, Chief Restructuring Officer, EarthFirst Canada Inc., Tel: (403) 513-0780, Toll Free: (877) 513-0777, E-mail: [email protected]; Derren Newell, VP, Finance and Chief Financial Officer, EarthFirst Canada Inc., Tel: (403) 513-0766, Toll Free: (877) 513-0777, E-mail: [email protected]
Share this article