ASBESTOS CORPORATION LIMITED OBTAINS CREDITOR PROTECTION UNDER THE CCAA Français
THETFORD MINES, QC, May 7, 2025 /CNW/ - Asbestos Corporation Limited (" ACL" or the " Company") (TSXV: AB.H) announced today that an order (the " Initial Order") from the Superior Court of Québec (Commercial Division) (the " Court") granting ACL protection under the Companies' Creditors Arrangement Act (the " CCAA") has been granted. Raymond Chabot Inc. has been appointed pursuant to the Initial Order as monitor of ACL (in such capacity, the " Monitor") in order to assist the Company with its restructuring efforts and to report to the Court. The application was filed by third parties and the Company became a co-applicant. ACL also filed a petition under Chapter 15 of the US Bankruptcy Code in the Southern District of New York for recognition of the CCAA proceedings in the United States.
The Initial Order provides for, among other things, a stay of proceedings in favour of ACL, including a stay of creditor claims, litigation pending against the Company, and of the exercise of contractual rights against the Company, as well as the authorization of Raymond Chabot Inc. to act as foreign representative in recognition proceedings in the United States under the relevant provisions of the United States' applicable laws.
A copy of the Initial Order granted by the Court will be available, along with additional information in respect of the CCAA proceedings, on the Monitor's website. Readers are urged to consult the full text of all of these documents for further, more detailed, information. Further news releases will be provided for during the CCAA proceedings as required by law and applicable securities regulations, or as otherwise may be determined necessary by the Company or the Court. Documents relating to the restructuring process, such as the Initial Order, the Monitor's reports to the Court, as well as other Court orders and documents shall also be published and made available on the Monitor's website at https://www.raymondchabot.com/en/companies/public-records/asbestos-corporation/.
The Company has notified the TSX Venture Exchange (the " TSXV") of the foregoing and expects that its common shares and securities will cease trading on the TSXV upon such date that the TSXV determines. The Company expects to cease reporting as a public reporting issuer.
About Asbestos Corporation Limited
Asbestos Corporation Limited is a natural resource company that focuses on the development of industrial minerals in order to provide value-added products that meet the criteria of customers worldwide with regard to performance and economic and ecological concerns. Asbestos Corporation Limited's shares trade on the NEX Board of TSX Venture Exchange under the stock symbol AB.H.
Forward-Looking Information and Statements
This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: general market and industry conditions, risks related to commissioning, to continuous operations and to commercialization of new technologies and other risks disclosed in the Company's filings with Canadian Securities Administrators.
Forward-looking statements are based on the expectations and opinions of the Company's management as of the date of this press release. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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