Secured Lender To Take Over CPI Plastics
Profile and film extruder CPI Plastics Group Ltd.' s secured lender plans to take over the company's assets, and CPI's chief executive officer has stepped down.
Profile and film extruder CPI Plastics Group Ltd.’s secured lender plans to take over the company’s assets, and CPI’s chief executive officer has stepped down.
The Mississauga, Ont.-based CPI announced on Jan. 7 that “it has been 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 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, according to the Jan. 7 statement.
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.