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Canadian News
LMS reveals Bankruptcy Act filing - Quick facts
6/4/2009 2:01 PM ET
(RTTNews) -
LMS Medical Systems (LMZ.TO: News ) said Thursday that the company and its subsidiary LMS Medical Systems (Canada) Ltd. have each filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada).
The filings effect an initial 30-day stay of proceedings against all creditors of the companies, during which the companies must file a proposal with the court.
The company said the implications for creditors and other stakeholders of the companies is not known at this time and will not be known until the restructuring process is complete.
LMS Medical also announced that Benoit La Salle has resigned as a director of the company. The company's other current directors will continue to constitute its board.
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by RTT Staff Writer
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