OAKVILLE, ON, Jan. 19 /CNW/ - Following a Board of Directors meeting held earlier today Glendale International Corp. (the "Corporation") has made a decision to file a voluntary assignment in bankruptcy under the Bankruptcy & Insolvency Act (Canada). All Directors of the Corporation have resigned and the Corporation expects the Official Receiver to appoint Ernst & Young Inc. as Trustee of the estate of the Corporation.
"The recent economic downturn, the rising Canadian dollar and higher gas prices have had a devastating effect on the recreational vehicle industry in North America," said Edward Hanna, Chairman and CEO of the Corporation. "Over the past few months the Corporation has undertaken an extensive internal review as well as engaged outside consultants to assist it in reviewing all available options and strategies which it could pursue to rebuild the recreational vehicle division, its primary business. However, given that there does not appear to be a significant rebound of the Canadian RV industry and the commercial structure business for the energy sector in the near term, the Board of Directors determined that a voluntary assignment in bankruptcy was in the best interests of the Corporation's stakeholders."
SOURCE GLENDALE INTERNATIONAL CORP.
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