Gandinnovations has filed for CCAA protection in the Ontario Supreme Court, they say this is necessary in order to reorganise the company and return to profitability.
The meaning of a CCAA is described by Price Waterhouse in Canada as "The Companies' Creditors Arrangement Act is a Federal Act that allows financially troubled corporations the opportunity to restructure their affairs. By allowing the company to restructure its financial affairs, through a formal Plan of Arrangement, the CCAA presents an opportunity for the company to avoid bankruptcy and allows the creditors to receive some form of payment for amounts owing to them by the company."
"Gandinnovations could not have made it through these tough economic times without our dedicated employees and the loyalty of our customers. We have attempted to manage the situation to maintain stability and considered all available alternatives but have determined that filing for CCAA protection would be the best way to maintain operations while bringing forth a successful plan for restructuring," said Hary Gandy, president and CEO.
Hary Gandi maintained that business would go on as usual with no interuption of service to clients, no orders would be jeapordised and Gandi's research and development would continue as per normal.
Gandinnovations
http://www.gandinnovations.com/
Adkote
http://www.adkote.com.au/
