AAER Inc., a wind turbine manufacturer located in Bromont, Quebec, has announced that the Quebec Superior Court has issued an order providing the company with an additional period of protection under the Companies' Creditors Arrangement Act (CCAA).
The initial order, which was first granted under the CCAA in favor of AAER on April 8, has now been extended until June 2, during which time creditors and other third parties will continue to be stayed from taking steps against the company.
The purpose of the stay of proceedings is to provide AAER with an opportunity to develop a comprehensive business-restructuring plan for consideration by its creditors and the Quebec Superior Court.
AAER has also obtained a procedural order relating to its process for the determination of the claims of creditors and for the upcoming creditors' meeting. According to the order, the claims bar date has been set for May 31, and the creditors' meeting date has been set for June 1.
In addition, AAER's securities are now subject to a cease trade order issued by the securities regulatory authorities on May 4. The trading in AAER's securities will resume if and when the company files its annual financial statements and underlying financial documentation in accordance with applicable securities laws.
SOURCE: AAER Inc.