ENTREC Granted Extension of Stay Period in CCAA Proceedings

ACHESON, Alberta, Aug. 06, 2020 (GLOBE NEWSWIRE) -- ENTREC Corporation (a??ENTRECa?? or the a??Companya??) has announced that it has obtained an extension of the stay period previously granted in an order from the Court of Queena??s Bench of Alberta (the a??Courta??) in support of its restructuring efforts under the Companiesa?? Creditors Arrangement Act (the a??CCAAa??). On May 15, 2020, ENTREC obtained an initial order (the a??Initial Ordera??) from the Court commencing proceedings under the CCAA.A  Pursuant to the Initial Order, among other things, a stay of proceedings was granted in respect of the Company and its subsidiaries to allow them to continue to operate their business without disruption while ENTREC pursues potential strategic and restructuring alternatives, which may include a sale, investment or other restructuring transaction under Court supervision for the benefit of its stakeholders (the a??Restructuringa??). The Company also sought and received an immediate provisional recognition of the Initial Order in the United States under Chapter 15 of the US Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, USA (the a??US Bankruptcy Courta??). On May 25, 2020, ENTREC obtained an order that amended and restated the Initial Order of the Court to, among other things, extend the stay period provided by the Initial Order to August 7, 2020. On August 6, 2020, ENTREC obtained another order to, among other things, further extend the stay period provided by the Initial Order to September 11, 2020.As required by the CCAA, pursuant to the Initial Order, Alvarez & Marsal Canada Inc. (the a??Monitora??) has been appointed as Monitor of the Company (including its subsidiaries) in its CCAA proceedings. The duties and powers of the Monitor are outlined in the Initial Order and the CCAA.A  Materials publicly filed in the CCAA proceedings, including copies of the Initial Order and the Restructuring, will be made available on the Monitora??s website at ENTRECENTREC is a heavy haul transportation and crane solutions provider to the oil and natural gas, construction, petrochemical, mining and power generation industries.Forward-Looking Statements
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