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Raymor Update
posted on
Feb 17, 2009 11:00AM
February 17, 2009
Raymor Update
BOISBRIAND, QUEBEC--(Marketwire - Feb. 17, 2009) - Raymor Industries Inc. ("Raymor") (TSX VENTURE:RAR) announces that in order to reduce actual expenses and for the present period, the company must stop operations of all its divisions and lay-off temporarily the staff of its subsidiaries as of February 10th 2009. The court awarded on February 13th an extension to the Notice of Intent allowing the company seven additional days to finalize its financing. Management actively pursues discussion with various funding sources to secure the necessary financing. This financing should enable the company to make a proposal to creditors.
"We sincerely hope that this will be a short lay-off since we have many clients waiting for operations to resume."said Stephane Robert , President of Raymor Industries Inc. "However, we are very happy about the turn of events from the court; this extension provides the company with a fighting chance to establish the financing it needs". added M. Robert.
The management intends to continue providing regular and timely updates with respect to both financial position and creditor obligations.
