Labour-sponsored venture fund GrowthWorks Canadian Fund Ltd. has been granted an order from the Ontario Superior Court of Justice that once again extends the stay of certain creditor claims and the exercise of contractual rights against the fund until the end of the year.
The stay was initially granted, and has been repeatedly extended, as part of the fund’s proceedings under the Companies’ Creditors Arrangement Act (Canada), which began in 2013.
“The fund intends to continue to pursue an orderly disposition of its assets with a view to satisfying its payment obligations to the fund’s creditors, following which the fund’s board of directors expects to consider alternatives reasonably available to the fund at that time, including a distribution to the fund’s shareholders of any remaining assets,” GrowthWorks says in a news release.