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Message: Raymor to Deposit Notice of Intention (More)
| January 21, 2009 |
| Raymor to Deposit Notice of Intention |
| BOISBRIAND, QUEBEC--(Marketwire - Jan. 21, 2009) - Raymor Industries Inc. ("Raymor") (TSX VENTURE:RAR) announces that its subsidiary SE Techno PLus filed today with the official receiver a notice of intention to make a proposal under the Bankruptcy and Insolvency Act. The filing is intended to facilitate the Company's ability to successfully implement a restructuring plan. As a result of the filing, any actions against SE Techno PLus will be automatically stayed, pending the outcome of the proposal process. The Company is required to file a budget within 10 days. SE Techno PLus will continue to operate in the normal course of business and continue delivering orders to its client as it prepares its proposal to creditors. "Clearly, while not our preferred course of action, a Notice of Intention filing is necessary to allow SE Techno PLus to make the required changes to operate effectively and profitably in a difficult financial environment .The company is also reviewing a potential sale of its division and has already received a statement of interest from a company for the acquisition". said Stephane Robert , President of Raymor. "Considering the 2008 difficult market conditions, SE Techno Plus was able to continue the qualification of its products and acquired AS 9100 accreditations. Since its third reporting quarter, Raymor was actively searching different sources of financing against existing purchase orders, which will be possible to complete in a restructuring plan.." added Mr. Stephane Robert. The management intends to provide regular updates with respect to both its financial position and its creditor obligations. |
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