CALGARY, Alberta--(BUSINESS WIRE)--Walton Edgemont Development Corporation (the “Corporation”) announced today that Ernst & Young Inc., the Court-appointed monitor (the “Monitor”) of the Corporation, has been granted enhanced powers over the Corporation pursuant to an order (the “Order”) granted by the Court of Queen’s Bench of Alberta (the “Court”).
The Corporation, together with certain affiliates, voluntarily filed and obtained creditor protection under the Companies’ Creditors Arrangement Act (“CCAA”) pursuant to an initial order granted by the Court on April 28, 2017 and undertook a court supervised restructuring process.
On April 20, 2018, pursuant to the Order, the Monitor was granted additional powers over the operations of the Corporation, including but not limited to the power to: (i) preserve, protect and maintain the property of the Corporation; (ii) operate and carry on the business of the Corporation; (iii) enter into agreements, incur obligations in the ordinary course, retain or terminate contracts on behalf of the Corporation; and (iv) receive all monies and accounts owed to the Corporation and make distributions and payments as required under any court order.
The Corporation further announces that, concurrent with the issuance of the Order, the directors and officers of the Corporation have all resigned effective April 20, 2018.
A copy of the Order and additional information regarding the CCAA proceedings and the Corporation is available on the Monitor’s website at www.ey.com/ca/wigi.
This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. The risks, uncertainties and other factors that could influence results are described in the prospectus and other documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.