GREY:ADEXF - Post by User
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Thinkdifferenton Jul 11, 2015 3:26am
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Post# 23914002
Now, it's over...
Now, it's over... TORONTO, ONTARIO--(Marketwired - July 10, 2015) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI)(FRANKFURT:AE6) announced today that it has filed Notice of Intention to Make a Proposal ("Notice of Intention") under the provisions of Part III of the Bankruptcy and Insolvency Act (Canada) (the "BIA").
Pursuant to the Notice of Intention, Macpherson & Associates Inc. ("Macpherson") has been appointed as the trustee in the Company's proposal proceedings and will assist the Company in its restructuring efforts.
The decision to file the Notice of Intention was made by the board of directors of AEI after extensively exploring restructuring and refinancing alternatives through consultation with its legal and financial advisors and its principal lender. While under BIA protection, the Company will continue with its efforts to pursue strategic alternatives, including restructuring its existing debt obligations and renegotiation of certain terms in respect of its properties.
A Notice of Intention is the first stage of a restructuring process under the BIA, which permits the Company to pursue a restructuring of its financial affairs, through a formal proposal process. The filing of the Notice of Intention has the effect of imposing an automatic stay of proceedings ("Stay") that will protect the Company and its assets from the claims of creditors and others while the Company pursues this objective. The initial Stay period of 30 days can be extended by court order, during which time the Company will assess its ability to present a viable proposal to its creditors.
The Company continues to be actively engaged in discussions with various stakeholders to restructure the Company. Strategic and financial alternatives under consideration are focused on relieving the financial burden of the Company's current debt structure and obtaining additional financing necessary to seek additional investment opportunities. There can be no assurance that the current process will result in a transaction or, if a transaction is undertaken, that it will be successfully concluded in a timely manner or at all.