Arctic Glacier To Restructure Under CCAA

Arctic Glacier Income Fund said Wednesday it will file for a court supervised restructuring under the Companies' Creditors Arrangement Act that the ice maker said could result in a sale or recapitalization of the business, The Globe and Mail reported on a Canadian Press story. The process has the support both of Arctic Glacier's secured lenders and two of its unitholders, Coliseum Capital Management and Talamod Asset Management, the fund said. Arctic Glacier's secured lenders have agreed, subject to court approval, to provide up to $50-million in debtor-in-possession financing to fund operations during the CCAA process. The fund said an application will also be made seeking recognition of the CCAA proceedings in the U.S. under Chapter 15 of the U.S. Bankruptcy Code. Arctic Glacier said it expects to maintain all operations at their normal capacity in both Canada and the United States during the process. Read more.