MONTREAL, Dec. 11 /CNW Telbec/ - Mecachrome International Inc. ("Mecachrome" or the "Company") filed this news release as its fourteenth bi-weekly default status report under Section 4.4 of National Policy 12-203 of the Canadian Securities Administrators.
Mecachrome announced today, in connection with the Company's debt and restructuring plan pursuant to the Companies' Creditors Arrangement Act and the Canada Business Corporations Act filed on August 5, 2009 and subsequently approved by its creditors and sanctioned by the Superior Court of the Province of Quebec (the "Plan"), that it has filed an application with the Canadian securities regulators in each of the provinces of Canada which would allow Mecachrome to cease to be a reporting issuer under applicable Canadian securities laws and which, should the Canadian securities regulators decide to approve the application, would result in the Company not being required to file its Annual Filings and Interim Filings (as defined below) should the Plan become effective.
On March 26, 2009, Mecachrome announced a notice of default in accordance with Section 4.3 of National Policy 12-203 stating that it would delay the release and filing of its annual consolidated financial statements for 2008, management's discussion and analysis ("MD&A"), annual report and its annual information form for the year ended December 31, 2008, as well as the certification of filings of the Chief Executive Officer and Chief Financial Officer required under Multilateral Instrument 52-109 (collectively the "Annual Filings"). Mecachrome also announced that it would delay the filing of its interim financial statements and interim MD&A for the first quarter of 2009 ending March 31, 2009, as well as the certification of filings of the Chief Executive Officer and Chief Financial Officer required under Multilateral Instrument 52-109 (the "CEO and CFO Certifications"), furthermore, Mecachrome is currently in default for the filing of its interim financial statements, interim MD&A and CEO and CFO Certifications for the period ending June 30, 2009 and will also default in filing such documents for the period ending September 30, 2009 (collectively, the "Interim Filings"). Mecachrome can not confirm with certainty when, or if, it will be able to file its Annual Filings and Interim Filings.
Mecachrome continues to operate its business under Court protection provided pursuant to the Companies' Creditors Arrangement Act (Canada) ("CCAA") and the safeguard procedure (procédure de sauvegarde) in France for its French subsidiaries.
The stay period under the initial CCAA Court order dated December 12, 2008 (the "Initial Order") has been extended from time to time by the Quebec Superior Court until December 18, 2009. The observation period (période d'observation) under the safeguard procedure in France has been extended by the French Court until December 12, 2009.
Mecachrome reports that since announcing the original notice of default on March 26, 2009, and its subsequent bi-weekly default status reports on June 12, 2009, June 26, 2009, July 10, 2009, July 24, 2009, August 7, 2009, August 21, 2009, September 4, 2009, September 18, 2009, October 2, 2009, October 16, 2009, October 30, 2009, November 13, 2009 and November 27, 2009, and except as may be disclosed in this news release or otherwise publicly disclosed, there have not been any material changes to the information contained therein, nor any failure by Mecachrome to fulfill its intentions stated therein, and there are no additional defaults or anticipated defaults subsequent to such announcement.
Except as publicly disclosed in the Mecachrome news releases dated July 7, 2009, July 20, 2009, August 5, 2009, August 27, 2009 and September 1, 2009 (and the material change reports relating thereto filed on www.sedar.com), or as may be disclosed in this news release or otherwise publicly disclosed, there have been no additional material changes respecting the Company and its affairs. The Company intends to file its next default status report on December 23, 2009, unless the Company ceases to be a reporting issuer before such time.
About Mecachrome International Inc.
Mecachrome is a leader in the design, engineering, manufacture and assembly of complex precision-engineered components for aircraft and automotive applications, including aerostructural and aircraft engine components, high-end automobile engine components and motor racing engines. Since 1937, Mecachrome has established a significant presence and global reputation in certain high-precision sectors of the aerospace, automotive and industrial equipment industries, providing services primarily to original equipment manufacturers.
All statements, other than statements of historical facts, included in this news release are forward-looking statements or contain forward-looking information (within the meaning of the Québec Securities Act and the Ontario Securities Act). Although we believe that the expectations reflected in these forward-looking statements and forward-looking information are reasonable, these statements involve risks and uncertainties and are not guarantees of future performance.
We can give no assurance that these estimates and expectations will prove to have been correct, and actual outcomes and results may differ materially from what is expressed, implied or projected in such forward-looking statements and forward-looking information. There are a number of important risks and uncertainties that could, and often do, cause our actual results to differ materially from those indicated or implied by forward-looking statements and forward-looking information, including the risks and uncertainties discussed in Mecachrome's Annual Information Form for the year ended December 31, 2007. Given the uncertainty of forward-looking statements and forward-looking information, investors are cautioned not to place undue reliance on these statements and information. The forward-looking statements and forward-looking information speak only as of the date made, and Mecachrome expressly disclaims any intention or obligation to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The consolidated interim financial statements and Management's Discussion & Analysis of financial results up to and including those dated November 14, 2008 are available on Mecachrome's website at www.mecachrome.com or on www.sedar.com.
Mecachrome is currently subject to Court protection under the Companies' Creditors Arrangement Act in Canada and under similar protection from the Courts for its French subsidiaries under the safeguard procedure (procédure de sauvegarde) in France. Mecachrome also initiated ancillary proceedings before the United States Bankruptcy Court for the Central District of California to obtain the enforcement and recognition of the Canadian proceedings. The United States Bankruptcy Court for the Central District of California granted Mecachrome's Petition for recognition of foreign proceedings on August 19, 2009. The documentation related the Canadian, French and U.S. court filings is available on Ernst & Young Inc.'s web site at: http://documentcentre.eycan.com/Pages/Main.aspx?SID=91
SOURCE MECACHROME INTERNATIONAL INC.
For further information: For further information: Mr. Jocelyn Côté, (514) 825-0901