TORONTO, March 11, 2019 /CNW/ - Distinct Infrastructure Group Inc. ("Distinct" or the "Company") announced that the Ontario Superior Court of Justice (Commercial List) has issued an order placing the Company (and several of its wholly owned subsidiaries) into receivership with the cooperation of the Special Committee. Deloitte Restructuring Inc. is acting as receiver and manager. The company's independent directors have resigned. At this time, the secured bank lender is expected to suffer losses on its debt position. The subordinated lender and shareholders are not expected to see any recovery. Material filed in connection with the receivership will be posted to the receiver's website at www.insolvencies.deloitte.ca/en-ca/dig.
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Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities legislation. Distinct is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Distinct cannot assure investors that actual results will be consistent with these forward looking statements.
SOURCE Distinct Infrastructure Group Inc.
For further information: John Nashmi, Chief Financial Officer, Distinct Infrastructure Group, Email: [email protected]