RE: RE: here we goStockhouse is a bit slow regarding News releases. Here you go:
EarthFirst Canada Inc. - Eighth Default Status Report and Update
Mon Mar 2, 5:08 PM
CALGARY, March 2 /CNW/ - EarthFirst Canada Inc. ("EarthFirst" or the "Company") (TSX: EF, EF.WT) provides its eighth bi-weekly Default Status Report under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults, pursuant to which EarthFirst announced that its financial statements for the third quarter ended September 30, 2008 would not be filed by November 14, 2008. EarthFirst reports that since announcing the original Notice of Default on November 10, 2008 there have not been any material changes to the information contained therein; nor any failure by EarthFirst to fulfill its intentions as stated therein, and there are no additional defaults or anticipated defaults subsequent to such announcement. Further, there have been no additional material changes respecting EarthFirst and its affairs which have not been previously disclosed or are not disclosed below. EarthFirst intends to file its next Default Status Report on Monday, March 16, 2009.
On February 27, 2009, the Court of Queen's Bench of Alberta, Judicial Centre of Calgary (the "Court") granted an extension until March 27, 2009 of the initial Order granted on November 4, 2008 pursuant to which EarthFirst was granted creditor protection under the Companies' Creditors Agreement Act (Canada) (the "CCAA"). The extension was supported by Ernst & Young Inc., the Court-appointed Monitor of EarthFirst's CCAA process and was not objected to by counsel to EarthFirst's secured creditor, WestLB AG.
On November 4, 2008, EarthFirst and WestLB AG entered into a forbearance agreement in respect of the indebtedness owed WestLB AG by EarthFirst agreeing, among other things, that West LB AG would be exempted from the stay in the CCAA initial order but would forbear from enforcing its claim under the negotiated terms of the agreement and to other matters relating to the conduct of EarthFirst during the period of CCAA protection. Following negotiations between WestLB and EarthFirst, West LB agreed to extend the forbearance agreement until March 1, 2009 and EarthFirst will seek further extensions from West LB as they are required.
EarthFirst continues to work with certain bidders who have made offers to purchase some or all of the Company and/or EarthFirst's Dokie I project and/or certain of the wind turbines associated with the Dokie I project. EarthFirst will continue to work with these bidders and other interested parties in an effort to consummate a transaction with one of them prior to the end of March. If one of these transactions does not close, or if EarthFirst cannot obtain some other funding prior to the end of March, 2009, EarthFirst will not have sufficient funds to continue to operate.