Adaltis Inc. (Adaltis), an in vitro diagnostic (IVD) company, has received an order for creditor protection under the Companies' Creditors Arrangement Act, Canada (CCAA). As per terms of the order, RSM Richter Inc. will serve as the Court-appointed Monitor under the restructuring process.
The Quebec Superior Court also approved the previously announced Debtor-in-Possession (DIP) financing arrangement with Victoria Square Ventures Inc. for new financing in an amount of up to $3 million. The proceeds of the financing will be used to fund the corporation’s operations as it reorganizes under the protection of the Court in Canada.
The entering into the Debtor-in-Possession (DIP) financing arrangement with Victoria Square Ventures Inc. may be considered a related party transaction within applicable securities legislation. As such, this news release could not be issued more than 21 days before the conclusion of the financing arrangement as the corporation had urgent liquidity needs.