BOUCHERVILLE, Que. — RCR International has entered into creditor protection under the Companies’ Creditors Arrangement Act. The filing was made on behalf of RCR International Inc. and its sister company in the U.S., W.J. Dennis & Company. Effective November 21, the companies have commenced restructuring proceedings and expect a similar filing in the U.S. through Chapter 15.
According Mario Petraglia, president and CEO, in a customer bulletin dated November 22, “We are pursuing this course of action in order to provide the companies with time to restructure their finances, while continuing normal operations. We have secured a $3 million debtor-in-possession financing facility from the Bank of Montreal, providing us with adequate liquidity to operate while we restructure our debt.”
That includes seeking a buyer and Lincoln Partners Advisors LLC has been engaged as financial advisor “to perform a sales process of the companies to ensure the survival of the business as a going concern.”
