Concert Industries Secures Refinancing of its Senior Secured Debt from Tricap Restructuring Fund.GATINEAU, Quebec -- 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 Stay Order Extended to December 17, 2004 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 ) today announced that 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. has approved a transaction whereby the Tricap Restructuring Fund ("Tricap"), managed by Brascan Asset Management ("Brascan"), will acquire all of the outstanding obligations relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the senior secured debt payable by the Company under a credit agreement with its senior secured lenders of approximately $145 million.Tricap will also provide an amended and restated debtor-in-possession ("DIP") financing facility to a maximum of $13.6 million. The transfer of the DIP financing facility has been approved by the Quebec Superior Court. Tricap is a fund established by Brascan to provide a source of patient, long-term capital and strategic assistance to companies experiencing financial or operational difficulty. "In addition to providing financial support through the DIP financing facility, Tricap will leverage the resources of Brascan and its affiliates to assist Concert in reaching its full potential", stated Mr. Raoul Heredia, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Concert Industries Ltd. "We look forward to working with the Tricap team to reposition Concert as a market leader in the future." The Company also announced that it has been granted an extension to December 17, 2004 of the initial order from the Quebec Superior Court under the Companies' Creditors Arrangement Act ("CCAA"). The entire text of the Court order and the report of PricewaterhouseCoopers, the Monitor, will be made available through the Company's website at www.concert.ca and through the Monitors website at www.pwc.com/brs-concertgroup or by calling (613) 755-5981. 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 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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