First Leaside Wealth Management Inc., granted protection under Companies' Creditors Arrangement Act

TORONTO, Feb. 23, 2012 /CNW/ - On February 23, 2012, First Leaside Wealth Management Inc. and certain of its affiliates (collectively, the "FL Group") obtained protection under the Companies' Creditors Arrangement Act ("CCAA").  Pursuant to the order issued by the Ontario Superior Court of Justice (Commercial List) (the "Court") on February 23, 2012 (the "Initial Order"), Grant Thornton Limited was appointed the FL Group's monitor (the "Monitor").

A copy of the Initial Order and a listing of the entities that obtained protection pursuant to the Initial Order are available on the Monitor's website at: www.grantthornton.ca/firstleaside.  Parties wishing to contact the Monitor should call: 1-855-883-2474 or email: [email protected].

During the FL Group's restructuring proceedings, the Companies are continuing under the direction of G.S. MacLeod & Associates Inc., which was appointed by the Independent Committee of the FL Group's Board of Directors, and affirmed by the Court as the FL Group's Chief Restructuring Officer ("CRO").

"The stay of proceedings granted by the Court is intended to provide the FL Group with the opportunity to develop, refine and implement a restructuring or wind-up plan aimed at maximizing recovery for all stakeholders.  In due course, the FL Group and the CRO will consult with the FL Group's various stakeholders for the purpose of developing a restructuring or wind-up plan," said Jonathan Krieger, Senior Vice-President of Grant Thornton Limited.

Notes to editors
Grant Thornton Limited is a Canadian Member of Grant Thornton International Ltd.

Tania Freedman
T 416.607.2745
E [email protected]