Discovery Air Inc. Announces Issuance of Cease Trade Order
TORONTO, May 7, 2018 /CNW/ - On March 21, 2018, Discovery Air Inc. ("Discovery") was granted protection under the Companies' Creditors Arrangement Act pursuant to an order of the Ontario Superior Court of Justice ("Court"). Pursuant to the Initial Order, KSV Kofman Inc. was appointed as the CCAA monitor ("Monitor").
On May 7, 2018, the Ontario Securities Commission issued a cease trade order ("CTO") prohibiting all trading of securities of Discovery. Although Discovery completed a going private transaction in May 2017, it continues to be a reporting issuer as a result of certain outstanding convertible unsecured subordinated debentures. The CTO further provides that, despite the prohibition on trading, a beneficial security holder of Discovery who is not, and was not at the date of the CTO, an insider or control person of Discovery, may sell securities of Discovery acquired before the date of the CTO if both of the following apply: (a) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada; and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.
The issuance of the CTO followed Discovery's failure to make certain periodic disclosure filings that were due on April 30, 2018, including its annual information form, audited financial statements, management's discussion and analysis and certification of such filings all for the year ended January 31, 2018.
A copy all Court materials and information related to Discovery's CCAA proceedings is available on the Monitor's website at http://www.ksvadvisory.com/insolvency-cases/discovery-air/.
About Discovery
Discovery, through its subsidiaries, is a specialty aviation business with operations in the medevac equipped aircraft services, air charter services, helicopter operations and transport and logistics support sectors.
SOURCE Discovery Air Inc.
contact Investor Relations at 866-903-3247.
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