Sorel-Tracy, September 16, 2008 - Conporec announces that after having obtained the protection of the Superior Court under the terms of the Companies' Creditors Arrangement Act (CCAA) last August 8th, it has concluded a debtor-in-possession financing (DIP financing) of CA$1.5M from a leading European renewable waste-to-energy contractor, involved in fields of activities that are complementary to Conporec's. This DIP financing is guaranteed by a first rank mortgage on all of Conporec's assets. Conporec has also obtained from the Court a 60 days extension of the initial ordinance, thus extending it until November 7th.
The DIP financing allows Conporec to concentrate on the implementation of its restructuring as well as creditors' arrangement plans. It also makes it possible to work on the resumption of the Canada-based facilities, while maintaining the activities of its subsidiary companies Conporec S.A.S. (France) and Conporec PTY (Australia) which are not affected by the CCAA.
The identity of this financial partner will be announced in the next weeks, once the partnering discussions are finalized.
Conporec inc. develops, owns and operates various patented technologies for the treatment and the recycling of solid waste into valuable resources and energy. The company successfully delivered or is in the process of completing plants in Canada, France, United States and Australia and has also completed about thirty other installations in Canada. Conporec is a socially responsible organization listed on the Toronto Stock Exchange (Venture) and the Alternext Stock Exchange in Paris.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties or other factors that may cause actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
The TSX Venture Exchange has not approved the information contained herein and accepts no responsibility for it, nor the validity of the operation planned.
|For more information:
President and CEO
Tel. : 450.746.9996
Fax : 418.527.7516
HKDP Communications and Public Affairs
Tel. : 514.395.0375
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