AG.UN Arctic Glacier Income Fund

Arctic Glacier Income Fund (CNSX:AG.UN) today announced that its application for
an order under the Companies' Creditors Arrangement Act ("CCAA") has been
granted by the Manitoba Court of Queen's Bench.


The court's order authorizes the Fund and its operating subsidiaries ("Arctic
Glacier") to commence a court supervised recapitalization of its business
through the initiation of a sale and investment solicitation process
("solicitation process"). It also provides for a stay of certain creditor claims
and authorizes debtor-in-possession financing to enable Arctic Glacier to
maintain normal business operations during the CCAA process. With the approval
of the court, TD Securities Inc. has been retained by Arctic Glacier as
financial advisor to assist with the implementation of the solicitation process.


Arctic Glacier's current lenders have provided up to $50 million
debtor-in-possession financing facility to fund Arctic Glacier's operations
during the CCAA process. 


"We are pleased that the court has authorized the implementation of the
recapitalization process, which is a key step toward financial stability for
Arctic Glacier's business," said Keith McMahon, President and CEO of Arctic
Glacier. 


The court also appointed Alvarez & Marsal Canada Inc. as monitor of Arctic
Glacier to oversee the CCAA proceedings. The Order's duration is for an initial
period of 30 days, subject to extension by the court. 


The monitor will be seeking recognition of the Initial Order pursuant to Chapter
15 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Delaware. 


During the CCAA process, Arctic Glacier expects to maintain all operations at
their normal capacity in both Canada and the United States. No layoffs or lease
terminations are planned and all suppliers of goods and services are intended to
be paid as usual, including amounts owed prior to the CCAA filing. 


Additional information regarding Arctic Glacier's CCAA proceedings will be
available on the monitor's website at www.alvarezandmarsal.com/arcticglacier.


About Arctic Glacier 

Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc.,
is a leading producer, marketer and distributor of high-quality packaged ice in
North America, primarily under the brand name of Arctic Glacier(R) Premium Ice.
Arctic Glacier operates 39 production plants and 47 distribution facilities
across Canada and the northeast, central and western United States servicing
more than 75,000 retail locations. 


Arctic Glacier Income Fund trust units are listed on the Canadian National Stock
Exchange under the trading symbol AG.UN. There are 350.3 million trust units
outstanding.


Forward-Looking Information

Certain matters set forth in this news release, including statements with
respect to the CCAA proceedings, the solicitation process, the sale or
recapitalization of Arctic Glacier, the operations of Arctic Glacier, and the
ability of Arctic Glacier to meet its obligations are forward looking. These
forward-looking statements reflect management's current views and are based on
certain assumptions including assumptions as to future operating conditions and
courses of action, sale or recapitalization alternatives, economic conditions
and other factors management believes are appropriate. Such forward looking
statements are subject to risks and uncertainties that may cause actual results
to differ materially from those contained in these statements, including the
risk that sale or recapitalization alternatives may not be available to Arctic
Glacier or may not be available on terms favourable to Arctic Glacier and its
security holders or that any such sale would yield proceeds sufficient for any
distribution to Arctic Glacier's unitholders as well as those risks and
uncertainties identified under the heading "Risks Management" in Arctic
Glacier's management's discussion and analysis for each of the year ended
December 31, 2010, and for the third quarter ended September 30, 2011 available
at www.sedar.com. These forward-looking statements are made as at the date of
this news release, and the Fund assumes no obligation to update or revise them,
either publicly or otherwise, to reflect new events, information or
circumstances.

Arctic Glacier Income (CSE:AG.UN)
Historical Stock Chart
Von Apr 2024 bis Mai 2024

Arctic Glacier Income (CSE:AG.UN)
Historical Stock Chart
Von Mai 2023 bis Mai 2024