on Loop Energy Inc (isin : CA54352E1007)
Loop Energy Announces Restructuring Process
Loop Energy™ Inc. (TSX:LPEN) has announced a Notice of Intention to Make a Proposal (NOI) under the Bankruptcy and Insolvency Act (Canada). This comes after an extensive 18-month search for strategic alternatives.
The decision was based on a thorough evaluation of all strategic options, the company's cash status, financing prospects, and upcoming payments. The aim is to obtain creditor protection and explore strategic alternatives in the company's best interest.
Filing the NOI initiates a formal restructuring process, providing an automatic 30-day stay of proceedings, potentially extendable by court order. However, no guarantee exists that a transaction will occur timely or at all.
The NOI aims to stabilize the environment for an orderly sale, investment, and solicitation process (SISP) approved by the Supreme Court of British Columbia. Loop has engaged a licensed insolvency trustee to support this process, expected to conclude by the end of August 2024.
Sophia Langlois has resigned from the board, but other directors and officers remain. The company's annual general meeting is extended to September 9, 2024, with approval from the Toronto Stock Exchange.
R. E.
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