TORONTO, Dec. 22, 2017 (GLOBE NEWSWIRE) -- On application of HSBC Bank Canada (“HSBC”), the Ontario Superior Court of Justice (Commercial List) made an Order appointing Deloitte Restructuring Inc. as receiver ("Receiver") of the assets, undertakings and properties of Tender Choice Foods (the “Company”) pursuant to section 243(1) of the Bankruptcy and Insolvency Act and section 101(1) of the Courts of Justice Act.
The Receiver is charged with managing the day to day affairs of the Company during the period of appointment and should be contacted with respect to any questions concerning the assets and liabilities of the Company. The Company’s operations remain suspended due to the recent fire.
The Receiver was also appointed to protect and realize upon the Company’s assets, all of which were granted as collateral to secure the Company’s HSBC credit facilities. HSBC’s collateral is limited to the property, assets and shares of the Company, without recourse to Dundee Corporation or any of its other subsidiaries. Total debt outstanding and owed to HSBC is approximately CDN$34 million.
ABOUT TENDER CHOICE
Tender Choice Foods is the business name of Blue Goose Pure Foods Ltd., a leading Burlington, Ontario based processing plant specializing in the processing, packing and distribution of meat products. Tender Choice is an indirect subsidiary of Dundee Corporation (TSX:DC.A).
FORWARD LOOKING STATEMENTS
This press release contains forward-looking information with respect to future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. The reader is referred to the documents which the company files from time to time with applicable securities and regulatory authorities.
FOR FURTHER INFORMATION PLEASE CONTACT:
John Vincic
Investor and Media Relations
Dundee Corporation
(647) 402-6375