YELLOWKNIFE, Sept. 14, 2018 /CNW/ - On September 4, 2018, Great Slave Helicopters Ltd. ("GSH") was granted protection under the Companies' Creditors Arrangement Act ("CCAA") pursuant to an order (the "Initial Order") of the Ontario Superior Court of Justice ("Court"). Pursuant to the Initial Order, KSV Kofman Inc. was appointed as the CCAA monitor ("Monitor").
On September 14, 2018, the Court granted an order (the "SISP Order") approving a sale and investment solicitation process ("SISP") for the solicitation of offers to purchase of some or all of GSH's business or assets or to invest in GSH. Pursuant to the SISP Order, the Monitor will conduct and oversee the SISP.
Under the SISP, interested parties must submit qualified bids by no later than 5:00 p.m. (Toronto Time) on October 17, 2018. It is expected that Court approval of the final transactions will be sought shortly after the acceptance of the successful bid or bids and that closing will occur no later than November 23, 2018.
A copy of the SISP Order and other Court materials and information related to GSH's CCAA proceedings is available on the Monitor's website at www.ksvadvisory.com/insolvency-cases/great-slave-helicopters.
About Great Slave Helicopters Ltd.
GSH is one of the largest onshore helicopter operators in Canada and conducts operations through most parts of western and northern Canada as well as internationally. GSH's main base of operations is in Yellowknife, Northwest Territories.
SOURCE Great Slave Helicopters Ltd.
For further information: Janet Kim, (416) 597-7889, [email protected]