This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

RS Provides Update On CCAA Proceedings

CALGARY, April 12, 2013 /PRNewswire/ - RS Technologies Inc. (" RS" or the " Company"), an ISO 9001:2008 certified company that designs, engineers and manufactures composite utility poles, announced that it has taken several important steps under its Companies' Creditors Arrangement Act ( Canada) (" CCAA") proceedings that were commenced on March 14, 2013.

RS has obtained from the Alberta Court of Queen's Bench (the " Court") an extension of the stay of proceedings contained in the initial order until June 28, 2013 (the " Stay Extension"). RS has also obtained an order authorizing it to commence a reverse claims procedure (the " Claims Procedure") in order to identify all of its creditors and the amount of their claims against the Company arising prior to March 14, 2013.

In conjunction with the application of RS, FTI Consulting Canada Inc., in its capacity as a court-appointed monitor (the " Monitor"), has obtained an order approving a sale and investor solicitation procedure (" SISP"), authorizing the Monitor to execute a form of a stalking horse credit bid agreement with Werklund Capital Corporation and Melbye Skandinavia AS (collectively " WCC/Melbye") and increasing the amount of interim financing available from WCC/Melbye. The interim financing the Company now has available under the interim financing credit agreement is up to a maximum amount of $2,750,000.

The SISP will provide a procedure by which RS will solicit third party interest from persons or entities with respect to a sale of some or all of its assets or an equity investment with a restructuring of RS's outstanding indebtedness. The Monitor will now implement the procedures outlined in greater detail in the SISP.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,028.52 -2.62 -0.02%
S&P 500 1,986.86 +2.73 0.14%
NASDAQ 4,521.5590 +2.6570 0.06%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs