ST. ALBERT, Alberta, Nov. 09, 2020 (GLOBE NEWSWIRE) -- ENTREC Corporation (“ENTREC” or the “Company”) announces that, in connection with its creditor protection proceedings under the Companies' Creditors Arrangement Act (the "CCAA") and previously announced sales and investor solicitation process (the "SISP"), ENTREC and its subsidiaries have now sold substantially all of their assets in both Canada and the United States and the only remaining operational activities to be completed will be the collection of accounts receivables that were excluded assets from the various sale transactions, the sale of remaining tangible assets and the wind-up of their estates. The net proceeds from the sale transactions, the collection of accounts receivable and the sale of remaining tangible assets will be used to pay down a portion of ENTREC’s debt owing to is senior secured creditors. Holders of ENTREC’s common shares and unsecured convertible subordinated debentures will not receive any payments for, or distributions on, their securities in connection with the sale transactions or the CCAA proceedings.
As required by the CCAA, pursuant to an earlier order of the Court, Alvarez & Marsal Canada Inc. (the “Monitor”) has been appointed as Monitor of the Company (including its subsidiaries) in its CCAA proceedings. The duties and powers of the Monitor are outlined in that earlier order and the CCAA. Materials publicly filed in the CCAA proceedings, including copies of the orders referred to in this press release, will be made available on the Monitor’s website at http://www.alvarezandmarsal.com/entrec.
About ENTREC
ENTREC was a heavy haul transportation and crane solutions provider to the oil and natural gas, construction, petrochemical, mining and power generation industries.
Forward-Looking Statements
Certain information contained in this press release may contain forward looking statements within the meaning of applicable securities laws. The use of any of the words “continue”, “plan”, “intend”, “explore”, “propose”, “would”, “will”, “believe”, “expect”, “position”, “anticipate”, “improve”, “enhance” and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward-looking statements concerning the operations of ENTREC following the sale transactions, and the use of the net proceeds of the sale transactions, the collection of accounts receivable and the sale of remaining tangible assets. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those implied in the forward-looking statements. There may be factors that cause actions, events or results to differ from those anticipated, estimated or intended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are based on current assumptions which management believes to be reasonable. The Corporation disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact the Monitor, Alvarez & Marsal Canada Inc.
Telephone: 1-888-368-7311
Email: entrec@alvarezandmarsal.com