Feb 6 2010
Haemacure Corporation (TSX:HAE) announces that it has today obtained a first extension until March 22, 2010 of the delay within which to make a proposal pursuant to the notice of intention to make a proposal to its creditors it filed on January 8, 2010 under the Bankruptcy and Insolvency Act (Canada). This extension is intended to allow Haemacure to complete a call for tenders for the sale of its assets, close a sale transaction with the successful tenderer, seek the required approvals for the transaction and proposal to creditors, and execute the proposal.
March 1, 2010 is the date by which interested parties must submit tenders to purchase the assets of Haemacure and those of its subsidiary in the United States. Subject to the competing tenders eventually received and the time required to negotiate assets sale transactions, the closing of these transactions in Canada and the United States may happen before the expiry of the first extension obtained today, though there can be no assurance to this effect.
The recovery of any sums by creditors and shareholders of Haemacure is uncertain and highly dependent upon a number of factors, notably the outcome of the assets sale process undertaken under the Bankruptcy and Insolvency Act (Canada) and Chapter 11 in the United States.
Haemacure also confirms that the Toronto Stock Exchange will delist its shares at the close of the market today for failure to meet continued listing requirements.