Brief: MBAC Fertilizer announces filing under companies' creditors arrangement act
04/08/2016 14:40
Aug 4 (Reuters) - MBAC Fertilizer Corp MBC.V :
* MBAC announces filing under companies' creditors
arrangement act in connection with the previously announced
recapitalization transaction
* Applicants seeking appointment of Ernst & Young Inc as
monitor to monitor business and affairs of applicants during
CCAA process
* Co, co's units seeking appointment of Ernst & Young Inc.
As monitor to monitor business and affairs of applicants during
CCAA process
* Co, Unit filed application in connection with
implementation of deal similar to that previously announced to
reduce debt, increase financial flexibility
* Unsecured creditors of co to get either combination of
restructured debt of MBAC, shares of mbac or 5.5 pct of their
claim in cash
* MBAC will indirectly acquire all of shares of GB Minerals
Ltd and Stonegate Agricom Ltd
* Operations of MBAC, its units intended to continue as
usual, suppliers during restructuring process expected to be met
in ordinary course
Source text for Eikon: ID:nMKWTgFl3a
Further company coverage: MBC.V
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