EDMONTON, June, 24, 2016 /PRNewswire/ - On April 27, 2016, Northern Transportation Company Limited ("NTCL" or the "Company") commenced proceedings and obtained court protection under the Companies' Creditors Arrangement Act ("CCAA") pursuant to an initial order granted by the Court of Queen's Bench, in the Province of Alberta (the "Initial Order"). PricewaterhouseCoopers Inc. has been appointed monitor (the "Monitor") of the Company for the CCAA proceedings.
Pursuant to an extension order granted on May 27, 2016 (the "May 27 Extension Order"), the Company obtained approval to initiate a sale and investment solicitation process ("SISP") to be conducted in conjunction with the CCAA proceedings. The May 27 Extension Order provides for the appointment of Blackhill Partners, LLC ("Blackhill") as Financial Advisor. Blackhill will assist the Company in conducting the SISP under the supervision of the Monitor.
NTCL and Blackhill are currently seeking parties interested in acquiring or investing in the business or the assets of the Company.
At this time, NTCL is accepting non-binding indications of interest for the business, marine assets and real property due at 5:00 p.m. (Mountain Time) on July 8th, 2016. Final binding offers are due on August 19th 2016. Other NTCL assets may be available for sale once this initial sales process is completed.