ENTREC Completes Sale of Substantially All Assets
The net proceeds from the sale transactions, the collection of accounts receivable and the sale of remaining tangible assets will be used to pay down a portion of ENTRECs debt owing to is senior secured creditors.
- The net proceeds from the sale transactions, the collection of accounts receivable and the sale of remaining tangible assets will be used to pay down a portion of ENTRECs debt owing to is senior secured creditors.
- Holders of ENTRECs common shares and unsecured convertible subordinated debentures will not receive any payments for, or distributions on, their securities in connection with the sale transactions or the CCAA proceedings.
- ENTREC was a heavy haul transportation and crane solutions provider to the oil and natural gas, construction, petrochemical, mining and power generation industries.
- More particularly and without limitation, this press release contains forward-looking statements concerning the operations of ENTREC following the sale transactions, and the use of the net proceeds of the sale transactions, the collection of accounts receivable and the sale of remaining tangible assets.