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.
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