Clearford Water Systems Inc. Announces Intention to Complete Court Approved Restructuring under Canadian Bankruptcy Proceedings

OTTAWA, Oct. 04, 2022 (GLOBE NEWSWIRE) — Clearford Water Systems Inc. (NEX:CLI.H) (“Clearford” or the “Corporation”) announces that on October 7, 2022 (the “Proposed Effective Date”) it intends to complete certain transactions contemplated by a Bankruptcy and Insolvency Act (Canada) (the “BIA“) proposal (the “Proposal“) filed by the Corporation‎, through its proposal trustee KSV Restructuring Inc. (the “Proposal Trustee”), on May 12, 2022‎. The Proposal provides for, among other things, the compromise and settlement of claims of secured creditors (the “Sponsors”) and unsecured ‎creditors of the Corporation (collectively, the “Creditors”). The Proposal further contemplates a ‎reorganization (the “Reorganization”) of the Corporation’s outstanding share capital under the ‎Canada Business Corporations Act (the “CBCA”), as further described below. ‎ The Proposal was approved by the Creditors at a meeting held on June 2, 2022 and on July 13, 2022, the Ontario Superior Court of Justice in Bankruptcy and Insolvency ‎granted an ‎‎order (Estate/Court File no. 33-2825753) approving: (i) the Proposal; ‎‎(ii) the ‎Reorganization; and (iii) the First Report of the Proposal Trustee dated ‎June ‎‎29, 2022 and the ‎actions of the Proposal Trustee described therein‎.‎

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