TORONTO, Nov. 5, 2013 /CNW/ - GrowthWorks Canadian Fund Ltd. ("Canadian Fund"), which previously announced that it obtained an order of the Ontario
Superior Court of Justice (the "Court") dated October 1, 2013 (the "Initial Order") granting it protection pursuant to the Companies' Creditors Arrangement Act (Canada) ("CCAA"), today announced that it has obtained an extension of the "Stay
Period" set out in the Initial Order until and including January 15,
2014, pursuant to an order of the Court issued on October 29, 2013 (the
"Extension Order"). The Extension Order continues and extends the stay of proceedings,
which has stayed certain creditor claims and the exercise of
contractual rights against the Canadian Fund.
Canadian Fund will return to Court in November to provide an update
regarding the status of its strategic review process. At that time,
the Canadian Fund intends to propose a sale and investment solicitation
process ("SISP"), and may also seek approval of a potential merger transaction subject
to completion of the SISP.
The Extension Order provides Canadian Fund with the necessary protection
to continue to pursue the divestment of its investment portfolio and
other strategic options, with a view to maximizing the return on its
assets under the oversight of the Board of Directors of Canadian Fund
and FTI Consulting Canada Inc., in its capacity as Court-appointed
monitor in the CCAA proceedings (the "Monitor"), and with the advice of its advisors.
A copy of the Extension Order, the amended and restated Initial Order,
and the Second Report of the Monitor are 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 or
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 creditors 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, Canadian
Fund assumes no obligation to update any forward-looking statements,
whether as a result of new information, future events or results or
SOURCE: GrowthWorks Canadian Fund Ltd.
For further information:
FTI Consulting Canada Inc. Court Appointed Monitor of GrowthWorks Canadian Fund Ltd.