SASKATOON, SASKATCHEWAN--(Business Wire
) January 21, 2020 -- TAKE NOTICE THAT the Court of Queen’s Bench for Saskatchewan (the “Court”) granted an Order to 101098672 Saskatchewan Ltd., Morris Industries Ltd., Morris Sales and Service Ltd., Contour Realty Inc., and Morris Industries (USA) Inc. (collectively “Morris Group” or the “Companies”) extending their stay of proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”) to March 27, 2020 (the “Stay Extension”), enabling the Companies to continue with their efforts to restructure their business and financial affairs, including obtaining Court approval to conduct a Sale and Investment Solicitation Process (the “SISP”).
Pursuant to the SISP, Alvarez & Marsal Canada Inc., acting in its capacity as the court appointed Monitor of the Morris Group and not in its personal or corporate capacity (the “Monitor”) is soliciting proposals from prospective strategic and financial parties to acquire the business of, or to invest in the Morris Group.
The Morris Group primarily carries on business as a market leading farm equipment manufacturer. The Companies have developed over the past 90 years a diverse equipment line including products such as air carts, drills, seeders, packer harrow bars, and bale carriers, which it distributes through a network of dealers in Canada, the United States, Australia, and Eastern Europe.
The Order appointed the Monitor to prepare and implement the SISP, in consultation with the Morris Group. Interested parties can obtain additional information by referring to the Monitor’s website here https://www.alvarezandmarsal.com/morris
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