Canada-headquartered heavy transport and crane services provider Entrec has obtained an extension of the stay period previously granted from the Court of Queen’s Bench of Alberta as part of its restructuring efforts.
The company obtained an initial order under the Companies’ Creditors Arrangement Act (CCAA) – a Canadian federal act that allows financially troubled corporations to restructure their business and financial affairs – during May, as HLPFI reported here.
According to Entrec, a stay of proceedings means that the company and its subsidiaries are able to continue operating without disruption while it pursues restructuring opportunities, which may include a sale, investment or other restructuring transaction under court supervision.
The company also sought and received an immediate provisional recognition of the initial order in the USA under Chapter 15 of the US Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, USA.
