MONTREAL, Feb. 4 /CNW Telbec/ - ExelTech Aerospace Inc. ("ExelTech" or the "Corporation") (TSX Venture: XLT), announced today that it has filed a notice of intention (NOI) to file a proposal under the Bankruptcy and Insolvency Act (Canada), seeking protection from its creditors. As a consequence of such filing, any and all recourses of ExelTech's creditors are stayed for an initial period of thirty (30) days.
ExelTech also announced that its credit facility with a Canadian chartered bank has been withdrawn and consequently repayment of all amounts owed to it has been requested.
Considering the situation herein detailed, the Corporation had no choice but to temporarily lay off most of its employees.
ExelTech has retained RSM Richter Inc to act as its trustee to the NOI and Davies Ward Phillips & Vineberg, LLP as its counsel.
The Corporation will provide updates as the next steps of the process when determined.
While under the protection of its creditors, ExelTech's Board of Directors maintains its usual role and its transfer agent remains CIBC Mellon Trust.
To learn more about ExelTech Aerospace Inc. (TSX-V: XLT), please visit our website at www.exeltech-aerospace.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE EXELTECH AEROSPACE INC.
For further information: For further information: Sylvain Duval, President and Chief Executive Officer, (514) 631-8999, ext. 3884, email@example.com