BRIEF-MBAC Fertilizer announces filing under companies' creditors arrangement act

Thu Aug 4, 2016 9:48am EDT
 
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Aug 4 (Reuters) - MBAC Fertilizer Corp :

* MBAC announces filing under companies' creditors arrangement act in connection with the previously announced recapitalization transaction

* Applicants seeking appointment of Ernst & Young Inc as monitor to monitor business and affairs of applicants during CCAA process

* Co, co's units seeking appointment of Ernst & Young Inc. As monitor to monitor business and affairs of applicants during CCAA process

* Co, Unit filed application in connection with implementation of deal similar to that previously announced to reduce debt, increase financial flexibility

* Unsecured creditors of co to get either combination of restructured debt of MBAC, shares of mbac or 5.5 pct of their claim in cash

* MBAC will indirectly acquire all of shares of GB Minerals Ltd and Stonegate Agricom Ltd

* Operations of MBAC, its units intended to continue as usual, suppliers during restructuring process expected to be met in ordinary course Source text for Eikon: Further company coverage: