CO2 Solutions Announces the Filing of a Notice of Intention to Make a Proposal to Its Creditors Under the Bankruptcy and Insolvency Act

CO2 Solutions Inc. ("CO2 Solutions" or the "'Corporation") announced today that it has filed a notice of intention to make a proposal (the "Notice") pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act (Canada), Yahoo! Finance reported. Pursuant to the Notice, Ernst and Young Inc. ("E&Y") has been appointed as trustee and will assist CO2 Solutions in its restructuring efforts. The filing of the Notice follows the review of the Corporation's strategic alternatives by a committee of its board of directors formed of all the independent directors of the board (the "Special Committee"), further to the announcement, on February 28, 2019, of significant cost overruns in connection with the completion of the CO2 capture unit located at the pulp mill of Resolute Forest Products in Saint-Félicien, Québec. Read more