In order to facilitate a comprehensive restructuring while maintaining a business as usual environment to minimize potential disruption for customers, suppliers and employees, Canada North Group applied for and was granted protection under an Initial Order issued by the Alberta Court of Queen’s Bench under the Companies’ Creditors Arrangement Act. This formal, Court supervised process enables Canada North Group to continue servicing its customers on a business as usual basis while it reorganizes its business affairs.
Canada North Group, with the full support of its management and shareholder, believes that this step is necessary in the turnaround and restructuring process to restore the company’s long term viability and ensure its continued success as a provider of camp services in Western Canada.
The changing oil and gas environment has caused many issues for businesses in western Canada. Canada North Group has not been immune to these volatile market conditions. We are taking proactive steps to manage Canada North Group’s affairs through this period of change. Canada North Group will be receiving additional financing in support of its turnaround efforts from Business Development Bank of Canada to assist the company through this process. We believe this additional support will be instrumental in ensuring a successful outcome.
In addition, Canada North Group has retained the help and support of EY as Chief Restructuring Officer or CRO. The CRO will help formulate a plan that will see the company emerge from this process in a stronger position. The CRO will be overseeing the restructuring process and working with the various stakeholders, allowing our management team to continue to focus on day to day operations to maintain Canada North Group’s high quality product and service levels throughout the restructuring period.
Services for all customers and guests will not be affected. The Court Order will allow Canada North Group to continue to operate and fulfill customer needs while it completes its turnaround.