21:20:56 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Selectcore Ltd
Symbol SCG
Shares Issued 187,378,548
Close 2015-01-26 C$ 0.01
Market Cap C$ 1,873,785
Recent Sedar Documents

Selectcore plans restructuring, seeks debt standstill

2015-01-26 20:31 ET - News Release

Mr. Keith McKenzie reports

SELECTCORE ANNOUNCES RESTRUCTURING PLAN

Selectcore Ltd. is working on a multifaceted restructuring plan to address the company's senior secured debt, unsecured debt and working capital deficit, as well as its legacy operating divisions and overall growth strategy for its financial services division.

The company's senior loan facility with 1889072 Ontario Ltd. matures on Jan. 31, 2015. The lender does not wish to extend, nor does the company have available funds at this time to pay off, the facility. As such, the company is negotiating a standstill agreement with the lender pursuant to a Form 51-F3 (material change report) filed on Jan. 23, 2015. The agreement is intended to provide the company with the necessary time to complete all or parts of the restructuring.

The company is also considering a stock consolidation as previously approved by shareholders at the company's annual general meeting held on Aug. 8, 2014.

The intent of the restructuring is to significantly improve the company's balance sheet while allowing it to focus on growing its core financial services business and restoring long-term shareholder value.

Any restructuring and the agreement may be subject to various approvals, and there is no guarantee that any of such will be successfully completed. If not completed, the company's ability to continue as a going concern would be significantly affected.

We seek Safe Harbor.

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