GrowthWorks Canadian Fund Ltd., which previously announced that it obtained a court order granting it protection under the Companies’ Creditors Arrangement Act (Canada) (CCAA), Tuesday announced that it has obtained an extension of the “stay period” set out in the initial order until Jan. 15, 2014. (See Investment Executive, The last gasp for GrowthWorks Fund? Mid-October 2013.)
The extension order provides the fund with the necessary protection to continue to pursue the divestment of its investment portfolio and other strategic options, with a view to maximizing the return on its assets under the oversight of the fund’s board of directors and FTI Consulting Canada Inc., in its capacity as court-appointed monitor in the CCAA proceedings, and with the advice of its advisors.
The fund will return to court in November to provide an update regarding the status of its strategic review process.
At that time, the fund says intends to propose a sale and investment solicitation process, and may also seek approval of a potential merger transaction subject to completion of the sale.
A copy of the extension order, the amended and restated initial order, and the second report of the monitor are available, and details relating to this case may be accessed, on the monitor’s website at http://cfcanada.fticonsulting.com/GCFL/.