Courts approve sale of CPI Plastics
The Ontario Superior Court of Justice has issued an order approving a sales process for the business and assets of ...
The Ontario Superior Court of Justice has issued an order approving a sales process for the business and assets of the CPI Plastics Group Ltd., according to interim receiver and manager Deloitte and Touche.
Deloitte has also brought a motion to the United States Bankruptcy Court for the Eastern Division of Wisconsin for an order recognizing the Canadian order and the application of the sales process in the U.S.
According to the receiver, offers will now be sought for the assets of the company.
“At this time there is no certainty as to the outcome of the receiver’s sales process,” said Deloitte. “It is unlikely that there will be any value for holders of CPI’s shares following the completion of any transaction resulting from the receivers efforts.”
The profile and film extruder was placed into receivership early in January, after the company announced plans to restructure its finances late last year. The company’s assets have since been put up for sale.
For additional information, please visit the receiver’s website.