MONTREAL, June 26 /CNW Telbec/ - Mecachrome International Inc.
("Mecachrome" or the "Company") filed this news release as its second
bi-weekly default status report under Section 4.4 of National Policy 12-203 of
the Canadian Securities Administrators.
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 (collectively the "Interim Filings").
Mecachrome stated that it could not confirm with certainty when it would be
able to file its Annual Filings and Interim Filings.
As previously disclosed, 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.
The stay period under the initial CCAA Court order dated December 12,
2008 (the "Initial Order") was extended by the Quebec Superior Court until
June 29, 2009. The Company is seeking a further extension of the CCAA stay
period until July 10, 2009 by motion dated June 26, 2009 before the Quebec
Superior Court. 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 June 12, 2009 default status report, 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 may be disclosed herein). The Company intends to file its next
default status report on July 10, 2009.
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. The company currently operates principally in France
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
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. Note to readers: 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. The documentation related the Canadian and French court
filings is available on Ernst & Young Inc.'s web site at:
For further information:
For further information: Jocelyn Côté, (514) 373-1206