The Limestone Boat Company Limited Provides Market Update with Respect to Chapter 7 Bankruptcy Filings by US- Subsidiaries
No formal issues were raised by creditors of the Limestone US Subsidiaries and the Trustee has advised that the Chapter 7 Proceedings are expected to move forward in a timely and efficient manner.
- No formal issues were raised by creditors of the Limestone US Subsidiaries and the Trustee has advised that the Chapter 7 Proceedings are expected to move forward in a timely and efficient manner.
- The Company expects than an asset sale with respect to the remaining assets owned by the Limestone US Subsidiaries is expected to take place in the coming weeks.
- As a result of the Event of Default, all amounts outstanding under the Debenture Indenture became due and payable by Limestone.
- In addition to the financial restructuring, the Company has also actively been working on the relocation of the Limestone Boat manufacturing operations to New Brunswick, Canada.