Arctic Glacier Initiates Sale and Investor Solicitation Process
(firmenpresse) - WINNIPEG, MANITOBA -- (Marketwire) -- 02/28/12 -- Arctic Glacier Income Fund (CNSX: AG.UN) ("the Fund") announced today that a sale and investor solicitation process ("SISP") has been initiated with respect to the Fund and its subsidiaries ("Arctic Glacier").
TD Securities Inc., financial advisor to Arctic Glacier has commenced contacting prospective strategic and financial partners interested in participating in the SISP. A notice ("Notice") was published yesterday in The Globe & Mail, The Wall Street Journal and The New York Times seeking expressions of interest in connection with a potential sale of all property, assets and businesses of Arctic Glacier, or an equity investment in and recapitalization of the Fund. The Notice was issued pursuant to the terms of the initial order (the "Initial Order") of the Winnipeg Court of Queen's Bench (the "Court"). The full text of the Notice is set out below.
The timing and procedures governing the sale and investor solicitation process, the terms of participation by prospective purchasers or prospective strategic or financial investors, and the criteria for the submission, evaluation and selection of bids are set out in the Initial Order. Alvarez & Marsal Canada Inc., the Court-appointed monitor in the CCAA proceedings, will supervise the SISP in accordance with the terms of the Initial Order. For further information, please refer to the monitor's website at .
There can be no assurance that the SISP will lead to a transaction, or as to the terms of any such transaction.
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® 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 potential sale of all property, assets and businesses of, or an equity investment in and recapitalization of the Fund, 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, 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, equity investment 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, 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 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.
Contacts:
Arctic Glacier Income Fund
Keith McMahon
President & CEO
Toll free investor relations phone: 1-888-573-9237
Arctic Glacier Income Fund
Doug Bailey
Chief Financial Officer
Toll free investor relations phone: 1-888-573-9237
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Datum: 28.02.2012 - 15:44 Uhr
Sprache: Deutsch
News-ID 1087901
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