TORONTO, Oct. 1, 2013 /CNW/ - GrowthWorks Canadian Fund Ltd. ("Canadian Fund") today announced that it has obtained court protection under the
Companies' Creditors Arrangement Act ("CCAA") pursuant to an initial order granted by the Ontario Superior Court of
Justice (the "Initial Order").
Canadian Fund sought CCAA protection for the ongoing management of
Canadian Fund, including the disposition of Canadian Fund's portfolio
investments, the refinancing of Canadian Fund's secured payment
obligations to Roseway Capital S.a.r.l. ("Roseway") under the Participation Agreement between Canadian Fund and Roseway
dated May 28, 2010, as amended (the "Participation Agreement"), and other strategic alternatives, including a potential merger or
other business combination. To enable Canadian Fund to maintain normal
business operations as the strategic process is implemented, the
Initial Order provides a stay of certain creditor claims and the
exercise of contractual rights arising out of the CCAA process.
The Initial Order provides Canadian Fund with the necessary protection
to continue to pursue the divestment of its investment portfolio with a
view to maximizing the return on its assets under the oversight of the
Board of Directors of Canadian Fund and with the advice of its
FTI Consulting Canada Inc. has been appointed monitor for the CCAA
proceedings. A copy of the CCAA Initial Order will be made available
and details relating to this case may be accessed on the monitor's
website at http://cfcanada.fticonsulting.com/GCFL/. The monitor has also established the following hotline (416) 649-8087.
Further information can also be found at www.GWCanadianFund.ca.
Forward Looking Statements: This press release contains forward looking statements, including
statements with respect to the CCAA proceedings. These forward-looking
statements reflect management's current views and are based on certain
assumptions, including assumptions as to future operating conditions
and courses of action, sale or refinancing alternatives, economic
conditions and other factors management believes are appropriate. Such
forward looking statements are subject to risks and uncertainties that
may cause actual results to differ materially from those contained in
these statements, including the risk that disposition of Canadian
Fund's portfolio investments or refinancing or other strategic
alternatives may not be available on terms acceptable to Canadian Fund,
or at all, or that any such disposition or other strategic alternative
would yield proceeds sufficient to satisfy in full Canadian Fund's
payment obligations to Roseway or any distribution to Canadian Fund's
shareholders, as well as those risks and uncertainties disclosed in
Canadian Fund's most recently filed prospectus and other regulatory
filings posted on SEDAR at www.sedar.com. These risks and uncertainties may cause actual results, events or
developments to be materially different from those expressed or implied
by such forward-looking statements. Unless required by law, neither
Canadian Fund nor its manager assumes any obligation to update any
forward-looking statements, whether as a result of new information,
future events or results or other factors.
SOURCE: GrowthWorks Canadian Fund Ltd.
For further information:
FTI Consulting Canada Inc. Court Appointed Monitor of GrowthWorks Canadian Fund Ltd.