Chai-Na-Ta Obtains CCAA Extension.Business Editors LANGLEY, British Columbia--(BUSINESS WIRE)--March 9, 2000 Chai-Na-Ta Corp. ("the Company") announced that it has been granted an extension to creditors' protection under the Companies' Creditors Arrangement Act (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 ) of January 28, 2000. Chai-Na-Ta, a leading producer of North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. ginseng ginseng (jĭn`sĕng), common name for the Araliaceae, a family of tropical herbs, shrubs, and trees that are often prickly and sometimes grow as climbing forms. , has been battling the impact of depressed market Depressed market Market in which supply overwhelms demand, leading to weak and lower prices. prices for its product, and has been engaged in efforts to restructure its financial position for more than eighteen months. On January 28, 2000, the Company filed for CCAA protection to enable it to pursue refinancing and restructuring opportunities while continuing its operations. The Company continues to work on its restructuring plan and discussions aimed at refinancing the Company's debt with its principal lenders are ongoing. Under the CCAA extension, which was granted on February 25, 2000, the Company is under order to file a formal restructuring plan with the Supreme Court of British Columbia The Supreme Court of British Columbia (SCBC) is the superior trial court for the Canadian province of British Columbia. The SCBC hears civil and criminal law cases as well as appeals from the Provincial Court of British Columbia. on or before April 28, 2000. Chai-Na-Ta Corp., based in Langley, British Columbia Langley, British Columbia can mean the following:
This news release contains forward-looking statements that reflect the Company's expectations regarding future events. These forward-looking statements involve risks and uncertainties, and actual events could differ materially from those projected. Such risks and uncertainties include, but are not limited to, the success of the Company's ongoing research programs, general business conditions, and other risks as outlined in the Company's periodic filings, Annual Report, and Form 20-F. |
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