SHERBROOKE, QUE – Residential furniture manufacturer Shermag Inc. announced that it has obtained an order from the Québec Superior Court to extend the court-ordered stay of proceedings against Shermag and its subsidiaries until Sept. 8 under the Companies’ Creditors Arrangement Act (CCAA).
Reportedly, this will give the company an opportunity to develop a plan of arrangement to propose to its creditors. The order also relieved the company of any obligation to prepare any quarterly financial statements for any quarter ending after May 5, 2008, until the conclusion of the CCAA proceedings.
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