Concert Industries Ltd. Announces Plan of Arrangement Receives Creditor Approval.GATINEAU, Quebec -- Concert Industries Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CNG CNG Compressed Natural Gas CNG Calling (Tone) CNG Comfort Noise Generation CNG Cryptography Next Generation (Microsoft Windows Vista) CNG Centre National de Génotypage ) ("Concert") today announced that creditors of its Canadian operating subsidiaries have today voted in favour of its final plan of compromise and arrangement pursuant to the Companies' Creditors Arrangement Act ("the Plan"). The Plan received the overwhelming support of 97.5% in number and 99.9% in value of the creditors voting. The Plan relates only to Concert Fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. Ltee, Concert Airlaid Ltee and Advanced Airlaid Technologies Inc., the Canadian operating subsidiaries, and their creditors. The Concert operating subsidiaries will seek Court approval of its restructuring plan on Wednesday, December 15, 2004 before the Quebec Superior Court Quebec Superior Court is the highest trial Court in the Province of Quebec, Canada. It consists of 144 judges who are appointed by the federal government following the recommendation of the Premier of Quebec. .Subject to Court approval, the Canadian operating subsidiaries intend to complete the implementation of its restructuring plan and emerge from protection under the Companies Creditors Arrangement Act on or prior to December 31, 2004.The successful completion of its restructuring will enable the Concert operating subsidiaries to return to their position as a strong market leader within the industry. The entire text of the Plan is available through the Company's website at www.concert.ca, through the website of the Monitor, PricewaterhouseCoopers Inc., at www.pwc.com/brs-concertgroup, or by calling Marc Nantel-Legault of the Monitor at (514) 205-5088. Company profile Concert Industries Ltd. is a company specializing in the manufacture of cellulose fiber based non-woven fabrics using airlaid manufacturing technology. Concert's products have superior absorbency ab·sor·bent adj. Capable of absorbing: absorbent cotton. n. A substance that is capable of absorbing. ab·sor capability and are key components in a wide range of personal care consumer products, including feminine hygiene Feminine hygiene is a general term used to describe products used by women during menstruation, vaginal discharge, and other bodily functions related to the vulva. Sanitary Towels (also known as maxi-pads or napkins), pantiliners, tampons, and feminine wipes are the major and adult incontinence products. Other applications include pre-moistened baby wipes, disposable medical and filtration applications and tabletop products. The Company has manufacturing facilities in Canada, in Gatineau and Thurso, Quebec Thurso is a city in the Papineau Regional County Municipality in the Outaouais region of western Quebec. It is located on the Ottawa River, and is within Canada's National Capital Region. Its 2001 population was 2436. , and in Germany, in Falkenhagen, Brandenburg. Forward looking statements Statements contained in this press release that are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such factors include among others: competition, reliance on new products, management of growth and expansion, product obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. , reliance on major customers and suppliers, start-up of new manufacturing facilities, foreign currency, government regulation and intellectual property rights. Concert Industries Ltd. (TSX:CNG) |
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