April 3, 2017 / 1:22 PM / a year ago

BRIEF-Orbite announces filing for stay of proceedings on creditors

April 3 (Reuters) - Orbite Technologies Inc

* Orbite announces filing for stay of proceedings on creditors

* Orbite Technologies Inc - filed a notice of intention to make a proposal under bankruptcy and insolvency act

* Orbite Technologies Inc - “ensuing existence of material uncertainty about company’s ability to continue as a going concern”

* Orbite Technologies Inc- PriceWaterhouseCoopers Inc has been appointed as trustee in proposal proceedings of Orbite

* Orbite - filing of NOI has effect of imposing an automatic 30-day stay of proceedings that will protect co and its assets from claims of creditors

* Orbite Technologies Inc says company to resume its production efforts as soon as possible and hopefully continue as a going concern Source text for Eikon: Further company coverage:

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