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Sale Process
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MAAX Corporation ("MAAX" or "the Company") announced today that it has entered into an Asset Purchase Agreement with Brookfield Bridge Lending Fund Inc. ("Brookfield"), its senior lender, concerning a transaction (the "Sale Transaction") that will see Brookfield acquire substantially all of the assets and property of MAAX Corporation and its affiliates ("MAAX" or the "Company").
The Sale Transaction preserves the MAAX business and ensures its continuance as a successful competitor in the marketplace.
The Sale Transaction will be implemented through a Court-supervised process. To that end MAAX has applied for and obtained today an Order of the Superior Court of the Province of Quebec (Commercial Division) to initiate proceedings under the Companies' Creditors Arrangement Act. These proceedings are limited to the Company's operations in Canada and do not apply to those in the United States or Europe. The Sale Transaction hearing has been scheduled to approve the sale of the assets and the business and a vesting order before the Superior Court of the Province of Quebec (Commercial Division) and such matter is presentable on Thursday, June 26, 2008 at 9:15 a.m. in Courtroom 16.12, 1 East, Notre-Dame Street, Montreal, Quebec.
This process will not affect MAAX's day-to-day operations and the business will continue without interruption during this period. MAAX has access to the funding necessary to carry on business. No changes to staff levels, wages, salaries, pensions or benefits are anticipated as a result of this process. MAAX intends to deal with its customers and suppliers in the ordinary course.
For additional information, please refer to the documents below.
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Link to Monitor and Court Documents
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For additional information, please contact:
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MAAX Corporation: 1 888 845-2500
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Alvarez & Marsal Canada ULC:
Melanie MacKenzie: Tel:(416) 847-5158 / Fax:(416) 847-5201
Royal Bank Plaza, South Tower
200 Bay Street, Suite 2000
P.O. Box 22
Toronto, ON M5J 2J1
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