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UrtheCast Granted Protection Order From Creditors as it Seeks to Restructure

15 Sep 2020, 14:49 UTC
UrtheCast Granted Protection Order From Creditors as it Seeks to Restructure
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VANCOUVER, BC, Sept. 4, 2020 (UrtheCast PR) – UrtheCast Corp. (TSX: UR) (“UrtheCast” or the “Company”) was granted an initial order (the “Initial Order”) today pursuant to the Companies’ Creditors Arrangement Act (the “CCAA”) by the Supreme Court of British Columbia on application by the Company seeking court protection from its creditors to allow it to pursue a restructuring of its business and property as a going concern.

Pursuant to the Initial Order, Ernst & Young Inc. was appointed as monitor (the “Monitor”) in the CCAA proceeding and will assist the Company in creating a restructuring plan, which is anticipated to include, among other things, (i) immediately commencing a sale and investment solicitation process (a “SISP”), to be overseen by the Monitor, that would seek to monetize the Company’s core and non-core assets, (ii) finalizing interim financing arrangements in order to obtain short term liquidity, (iii) continuing the performance improvement initiatives already commenced to streamline and focus the go-forward operations of the Company and its subsidiaries and (iv) pursuing discussions with potential financiers in order to secure long-term funding for the projects that may form the basis of the UrtheCast Group’s go-forward business (subject to the SISP), all under the ...

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