Ecolomondo Corporation Obtains Second Amended CCAA Order and Sales Process
Ecolomondo Corporation and four subsidiaries received a Second Amended and Restated Initial Order and Sales and Investment Solicitation Process Order from the Superior Court of Québec under Canadian insolvency law on June 22.
Ecolomondo Corporation (TSXV: , OTC: ) and four wholly-owned subsidiaries received a Second Amended and Restated Initial Order and a Sales and Investment Solicitation Process Order from the Superior Court of Québec (Commercial Division) under the Companies' Creditors Arrangement Act on June 22 [1]. The subsidiaries are Ecolomondo Environmental (Hawkesbury) Inc., Ecolomondo Environmental (Contrecoeur) Inc., 9083-5018 Québec Inc., and Ecolomondo Advanced Carbon Technologies Inc.
The second amended order marks an escalation in the Company's CCAA proceedings, which shield Canadian companies from creditors while they restructure or pursue a sale. The court-supervised Sales and Investment Solicitation Process launched alongside the amended order formalizes the Company's search for buyers or strategic investors for its assets, which include tire-recycling facilities in Hawkesbury and Contrecoeur, Quebec, and carbon-black technology developed by the Advanced Carbon Technologies unit.
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