OTTAWA, April 29, 2015 /CNW/ - Plasco Energy Group Inc. ("Plasco", together with its Ottawa-based affiliates, the "Company") announced today that it has obtained an order from the Ontario Superior Court of Justice (Commercial List) granting a stay extension under its current CCAA proceedings to July 17, 2015. The stay extension will provide stability while the Company continues its sale and restructuring process and consults with stakeholders regarding available alternatives with respect to the Company.
In connection with the sale process, the Company and its advisors are currently reviewing indications of interest submitted by purchasers that may be interested in pursuing a transaction in respect of the Company or its assets.
"The Company is stable and we have made good progress on a number of fronts" said Randall Benson, Chief Restructuring Officer. "We will soon have more clarity regarding potential strategic transactions in respect of the Company and will continue to provide updates as developments warrant."
Additional information regarding the Company's CCAA proceedings, including court materials, is available on the Monitor's website at www.ey.com/ca/plasco.
About Plasco Energy Group Inc.
Plasco is an innovative technology company based in Ottawa, Canada. Plasco's conversion technology is a sustainable solution that helps communities achieve their landfill diversion and renewable energy goals. Plasco recovers high value from post-recycled waste and significantly reduces the negative impact waste has on the environment.
SOURCE Plasco Energy Group Inc.
For further information: Plasco Energy Group Inc.: (613) 591-9438 ext. 1355; Media contact: Joel Shaffer, Longview Communications, (416) 649-8006