|
|
Canadian News
ART Advanced Research Reveals Restructuring Agreement And Proposal To Creditors - Quick Facts
11/20/2009 8:47 PM ET
(RTTNews) -
ART Advanced Research Technologies Inc. (ARA.TO: News ) said on Friday that its strategic review process has culminated in ART entering into an agreement with Dorsky Worldwide Corp. to restructure ART's balance sheet and share capital and position it to continue in business.
The agreement contemplates that ART will file a proposal to its unsecured creditors under the Bankruptcy and Insolvency Act through KPMG Inc. The meeting at which the unsecured creditors will vote on the proposal is expected to be held on December 7. The proposal will provide for the distribution of C$375 thousand to ART's Unsecured Creditors.
The proposal will also provide for the repayment of certain claims of secured creditors of ART, for the cancellation of all existing issued and outstanding equity in the capital of ART, including any and all issued and outstanding common or preferred shares of ART of every classes and series, and any and all warrants, options and any agreement to purchase any of the foregoing, and for the issuance of a new class of voting common shares of ART, representing 100% of the new voting common shares of ART, in favour of Dorsky. Holders of the existing equity of ART will not receive any payment or other compensation with respect to such equity.
Moreover, ART was also informed that the Autorite des marches financiers issued a cease trade order against ART on November 19 since ART has not filed interim financial statements and interim management's discussion and analysis as prescribed by National Instrument 51-102 - Continuous Disclosure Obligations for the period ending September 30, 2009 within the time required. The Cease Trade Order requires ART, its securityholders and any other person to cease any activity in respect of a transaction in securities of ART.
 | | To receive FREE breaking news email alerts for ART Advanced Research Technologies Inc. and others in your portfolio |
|
by RTT Staff Writer
For comments and feedback: contact editorial@rttnews.com
|
|
|
|
|
|
|