Goldray: creditors and court approve assets sale

Canadian architectural glass products manufacturer Goldray Inc. announced 6 November 2003 that it had obtained creditor approval for the sale of assets to Quick Draw Financial Corporation, announced o…

Canadian architectural glass products manufacturer Goldray Inc. announced 6 November 2003 that it had obtained creditor approval for the sale of assets to Quick Draw Financial Corporation, announced on 17 October 2003. The proposal was also approved by the Court of Queens Bench on 4 November 2003 in accordance with the provisions of the Bankruptcy and Insolvency Act (Canada). With creditor and court approval in place, it was anticipated that the sale of all or substantially all of Goldray“s assets to Quick Draw would be concluded within a week. If successfully concluded, it is anticipated that all secured and preferred creditors of Goldray will be paid in full under the proposal. In addition, all unsecured creditors will be paid the first CAD 1,500 of each proven claim. The balance of each unsecured creditor“s proven claim will be paid on a pro rata basis from the balance of the remaining funds. It is further anticipated that there will be no surplus funds or return on investment for equity stakeholders.