Fracmaster continues business
Fracmaster Ltd FMA
Shares issued 47,888,492 Apr 27 close $0.50
Mon 17 May 99 News Release
Mr. Les Margetak reports
Today, in the Court of Queen's Bench of Alberta, Judicial District of
Calgary, the Honourable Madam Justice M.S. Paperny, granted the banking
syndicate's application to lift the stay of proceedings under the
Companies' Creditors Arrangement Act ("CCAA") and allow the banking
syndicate to enforce their security. Accordingly, the court granted the
order appointing Arthur Andersen Inc., ("Arthur Andersen") as receiver and
manager of the present and future undertaking, property and assets of
Fracmaster on certain terms and conditions.
Arthur Andersen has been the court appointed monitor since the company
sought and obtained a court order under CCAA. The receiver has been asked
by the court to report back to it no later than May 21, 1999, as to its
recommendations with respect to a sale of the company's assets.
The applications of Fracmaster, Mr. Balm/Janus and Calfrac, previously
filed with the court, were dismissed. Any other applications were adjourned
and are to be dealt with by the receiver. |
