Quebec Wind turbine maker AAER Inc. (AAE.V) announced that it and its U.S. subsidiaries, AAER USA Inc. and Wind-Smart LLC have obtained court protection under the Companies’ Creditors Arrangement Act (CCAA) in Canada.
The Court has granted CCAA protection for an initial period of 30 days expiring May 7, 2010, to be extended thereafter as the Court deems appropriate.
AAER has sought protection under the CCAA as its current cash in hand would not allow it to meet its current obligations and since it was not possible for AAER to move forward with its previously announced public offering. The CCAA filing is also a necessary step in the context of the board’s ongoing review and assessment of AAER’s strategic alternatives.
AAER has been granted an interim financing in the amount of $330,000 to
address AAER’s working capital needs during the CCAA process.
AAER has retained Samson Bélair / Deloitte & Touche Inc. to act as court-appointed monitor during the CCAA process to assist AAER throughout the restructuring, notably by soliciting third party offers.
McCarthy Tétrault LLP is acting as legal counsel for AAER.
The documentation and information on AAER’s restructuring process will be available on the monitor dedicated website at the link below.
AAER signed its first supply agreement in May 2009 for 61 turbines to be used in a wind farm in Quebec.
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