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Announces a Private Investment Offer of $6,500,000 & Reorganization by the Court
Jan 29, 2010 06:38PM
January 29, 2010
Raymor Announces Approval of a Private Investment Offer of $6,500,000 and Reorganization by the Court
MONTREAL, QUEBEC--(Marketwire - Jan. 29, 2010) - Raymor Industries Inc. ("Raymor" or the "Corporation") (TSX VENTURE: RAR) is pleased to announce that the Superior Court of Quebec has approved on January 27, 2010 an offer contained in a letter dated December 4, 2009, providing the details of a proposed private investment (the "Transaction") by Georges Durst, Rolland Veilleux and another investor who joined the buying group (collectively, the "Buyer"), to invest $6,500,000 in Raymor and related restructuring transactions, including the cancellation of the issued and outstanding common shares of Raymor for no consideration.
The Court also approved on January 27, 2010 an amended proposal to the Corporation's creditors, the initial proposal dated April 15, 2009, approved by the creditors at their meeting on April 30, 2009 and by the Superior Court of Quebec on May 1, 2009.