One Less Competitor 07:39 AM EDT, 09/29/2022 (MT Newswires) -- Xebec Adsorption Inc. (TSX: XBC), a global provider of sustainable gas solutions, announced Thursday that it will file today an application with the Superior Court of Quebec for an initial order under the Companies' Creditors Arrangement Act and seek recognition of the Initial Order in the United States under Chapter 15 of the Bankruptcy Code.
According to a statement, the initial order is expected to provide a stay of proceedings and creditor claims in favour of Xebec and its Canadian and U.S. wholly owned subsidiaries in order to allow the Xebec group to implement further restructuring initiatives and initiate a court-approved sale and investment solicitation process to solicit interest in a sale of, or investment in, all or part of the assets and business segments of the corporation and its subsidiaries, with the goal of maximizing value for the corporation and its stakeholders.