SHERBROOKE, QUE – Home furniture manufacturer Shermag Inc. announced that it applied for creditor protection under the Companies’ Creditors Arrangement Act in the Québec Superior Court.
The company’s subsidiaries, Jaymar Furniture Corp., Scierie Montauban Inc., Mégabois Inc., Shermag Corp. and Jaymar Sales Corp., will also be covered under the CCAA filing. According to the company, the filing is a necessary step in completing its restructuring efforts.
The CCAA protection will stay creditors, suppliers and others from enforcing any rights against Shermag and will afford Shermag the opportunity to restructure its affairs.
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