Beleaguered labour-sponsored investment fund GrowthWorks Canadian Fund Ltd. said Wednesday it has obtained a court order authorizing the fund to pursue a possible sale of assets, merger or find a new lender.
The Toronto-based fund filed for creditor protection in October. (See Investment Executive, The last gasp for GrowthWorks fund? Mid-October 2013.)
On Wednesday the fund said CCC Investment Banking, the fund’s financial, has begun contacting prospective strategic and financial partners interested in a potential merger, sale, investment in, or recapitalization of the fund.
The fund also announced that, as a result of the termination of the management agreement between the fund and Vancouver-based GrowthWorks MV Management Ltd., its former manager, it does not intend to calculate and publish the net asset value of the fund while it remains under creditor protection.