Semi-Tech Files for Protection From Creditors.MARKHAM, ONTARIO Markham (2006 Population 261,573[0]) is located in York Region, directly north of Toronto, and is part of Toronto's CMA. It is larger than many Canadian cities. Despite its qualifications regarding population, it has not had the title of city conferred upon it by the , CANADA--(BUSINESS WIRE)--Sept. 8, 1999-- Semi-Tech Corporation ("Semi-Tech") announced today that it, along with two of its subsidiaries, filed for protection from creditors under Chapter 11 of the United States Bankruptcy laws on September 7, 1999. Semi-Tech's petition was filed in the United States Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of shortly after two of its affiliates, Graeme Limited ("Graeme") and ISTM (chat) ISTM - It seems to me. Investments (Barbados) Inc., filed similar petitions. Semi-Tech will continue to operate its business pending reorganization. The bankruptcy petition was triggered by the recent German bankruptcy filing of G. M. Pfaff A.G. ("Pfaff"), a German subsidiary of The Singer Company, N.V. Semi-Tech, through Graeme, owns 49.6% of Singer's outstanding common stock. Under the indenture governing Semi-Tech's public debt, a bankruptcy filing by a significant subsidiary of Singer, including Pfaff, may be construed as an "event of default", thereby permitting Semi-Tech's creditors to accelerate the debt obligation. Semi-Tech Corporation is a Canadian-based multinational company engaged in the global marketing and distribution of consumer products for the home, principally through its subsidiaries and affiliates. Semi-Tech's shares are listed on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (Class A: SEM.A, Class B: SEM.B). |
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