Business
MAZARIN INC. PROVIDES UPDATE ON RESTRUCTURING OF SUBSIDIARY, ASBESTOS CORPORATION LIMITED
Mazarin Inc. ("Mazarin" or the "Company") announced today that its subsidiary, Asbestos Corporation Limited ("ACL") (TSXV: AB.H), continues to advance its restructuring efforts under the Companies' Creditors Arrangement Act ("CCAA"), following the issuance of an initial order on May 6, 2025 and of an Amended and Restated Initial Order ("ARIO") by the Superior Court of Québec (Commercial Division) (the "Court") on May 15, 2025.
About this update from Mazarin Inc
[{"type":"text","content":"THETFORD MINES, QC, Nov. 25, 2025 /CNW/ - Mazarin Inc. ("Mazarin" or the "Company") announced today that its subsidiary, Asbestos Corporation Limited ("ACL") (TSXV: AB.H), continues to advance its restructuring efforts under the Companies' Creditors Arrangement Act ("CCAA"), following the issuance of an initial order on May 6, 2025 and of an Amended and Restated Initial Order ("ARIO") by the Superior Court of Québec (Commercial Division) (the "Court") on May 15, 2025.","length":536,"tagName":"p"},{"type":"text","content":"Since the month of August, ACL has achieved significant milestones in its restructuring efforts, including:","length":107,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Second Amended and Restated Initial Order: On September 4, 2025, the Court issued a Second Amended and Restated Initial Order extending the stay of proceedings against ACL until December 15, 2025. This extension provides ACL with additional time to advance its restructuring initiatives in an orderly manner, in collaboration with Raymond Chabot Inc., the court-appointed Monitor, and under the Court's supervision.","length":419,"tagName":"p"}]},{"val":[{"type":"text","content":"Recognition in U.S. Chapter 15 Proceedings: On October 30, 2025, the United States Bankruptcy Court for the Southern District of New York issued a Recognition Order in the proceedings under Chapter 15 of the Bankruptcy Code, confirming recognition of the Canadian CCAA proceedings as "foreign main proceedings". This recognition ensures the stability of ACL's cross-border restructuring process. Certain parties in the United States have appealed the Recognition Order and ACL intends to contest such appeal.","length":522,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":941,"olType":false},{"type":"text","content":"ACL is continuing to work on a comprehensive claims process and expects to seek approval of a claims bar date order in the near term. The Company is continuing to work closely with the Monitor to ensure transparency and fairness throughout the process.","length":252,"tagName":"p"},{"type":"text","content":"Mazarin continues to monitor ACL's restructuring proceedings closely.","length":73,"tagName":"p"},{"type":"text","content":"As disclosed in t...