Afton Granted Further Extension Of CCAA Restructuring.BURLINGTON, Ontario Burlington (2006 population 164,415) is a city located in the Golden Horseshoe, across Lake Ontario and Burlington Bay harbour from Hamilton, in Halton Region, Ontario, Canada. -- On July 16th, 2004 Afton Food Group Ltd. ("Afton" or "the Company") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:AFF AFF Affectionate AFF Affirmative AFF Adult FriendFinder (website) AFF American FactFinder (US Census data retrieval system) AFF Accelerated Free Fall (type of skydiving training) ) was granted protection under the Companies Creditors Arrangement Act (Canada) (the "CCAA CCAA Comunidades Autónomas CCAA China Center of Adoption Affairs CCAA Companies' Creditors Arrangement Act (Canada) CCAA California Collegiate Athletic Association CCAA Commercial Collection Agency Association "). Yesterday, the Ontario Superior Court granted the fourth extension of the Company's restructuring under CCAA to February 23, 2005. The Company has entered into negotiations with a potential purchaser for the sale of certain assets of the business. Negotiations are in process with the potential purchaser with the hope of returning to Court on or before February 23, 2005 for approval of the asset purchase agreement and the necessary vesting order. The senior secured lender has advised that the purchase price in the proposed transaction would be acceptable to them. Management estimates that the proposed asset sale, if approved, would be expected to close on or around the end of February. If the transaction closes, the proceeds of the asset sale will be paid to the secured creditors One who holds some special monetary assurance of payment of a debt owed to him or her, such as a mortgage, collateral, or lien. leaving the Company without assets. Afton, through its subsidiaries, is a franchisor in the Quick Service Restaurant industry with locations throughout Canada operating under two principal brands, 241 Pizza(R) and Robin's Donuts Robin's Donuts is a large Canadian chain of donut shops that operate in provinces across Canada. History The first store opened in 1975 in Thunder Bay, Ontario; there are now approximately 240 stores. There are no stores in the Toronto market. (R). This document may contain forward-looking statements, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's operations or to the environment in which it operates, which are based on the Company's expectations, estimates, forecasts and projections. These statements are not guarantees of future performance, and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. These statements speak only as of the date on which they are made, and the Company undertakes no obligation to publicly update them, to reflect new information or the occurrence of future events or circumstances. For further information on the Company, please visit our website at www.aftonfood.com Afton Food Group Limited (TSX VENTURE:AFF) |
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