GREY:LSTMF - Post by User
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Pancho2on Jan 06, 2017 6:07pm
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Post# 25677593
CCAA and LTS
CCAA and LTSThe Companies' Creditors Arrangement Act (commonly referred to as the "CCAA" or the "CC, double A") is a Federal Act that allows financially troubled corporations the opportunity to restructure their affairs. By allowing the company to restructure its financial affairs, through a formal Plan of Arrangement, the CCAA presents an opportunity for the company to avoid bankruptcy and allows the creditors to receive some form of payment for amounts owing to them by the company.
The Court will issue an Order giving the company 30 days of protection (often referred to as the "Stay") from its creditors to allow for the preparation of the Plan of Arrangement
The Plan of Arrangement is the proposal that the company is presenting to its creditors on how it intends to deal with debt it owes at the time of the initial filing with the Court.
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LTS Plan of Arrangement was the Credit BId as shown on July 13, 2016 and was approved on
the 22 th Nov 2016.