Canadian Plastics

CPI Plastics for sale

Weeks after being placed under receivership, profile and film extruder CPI Plastics Group Ltd. is up for sale.

January 26, 2009   Canadian Plastics

Weeks after being placed under receivership, profile and film extruder CPI Plastics Group Ltd. is up for sale.

The Mississauga, Ont.-based company, currently being protected from creditors, will continue to operate while a buyer is being sought.

CPI was placed into receivership Jan. 8 after a petition by its main secured lender, Bank of Montreal.

According to a Jan. 7 press release, the company was “unable to withstand the ravages of the current economic crisis and has been unable to gain the support of its secured lender to restructure [its] financial affairs.”

The company also announced on Jan. 7 that Peter F. Clark resigned as CEO and as a director of CPI. In addition to Clark, all of CPI’s other directors have also resigned or indicated their intention to resign.

Back in November, CPI announced plans for a financial restructuring, blaming a slowdown in the housing market, which was affecting sales of its hot tub components, railing and decking, for recent financial problems.


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