GrowthWorks Canadian Fund Ltd. is seeking a court supervised Companies’ Creditors Arrangement Act (CCAA).
In the CCAA application, Canadian Fund aims for its ongoing management, including the disposition of its portfolio investments, and refinancing of secured payment obligations to Roseway Capital S.a.r.l. It also seeks a stay of certain creditor claims that would enable Canadian Fund to maintain normal business operations as the process is implemented. Court proceedings are to take place today in Toronto today.
Canadian Fund and Roseway have not reached an agreement on the terms of an extension of Canadian Fund’s payment obligations to Roseway, totalling $27,264,570. Canadian Fund currently has insufficient assets to satisfy those obligations.
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The Fund also announced the termination of the restated management agreement dated July 15, 2006 between GrowthWorks WV Management Ltd. and Canadian Fund, as well as the removal of David Levi as president and CEO; Clint Matthews as CFO; and David Jennings as secretary. Canadian Fund has appointed C. Ian Ross as interim CEO.