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Discovery Air gets court approval of CCAA sale solicitation process
By Caroline Salls
Pittsburgh, April 4 – Discovery Air Inc.’s sale solicitation process was approved by the Ontario Superior Court of Justice, according to a news release.
Discovery Air said the court also approved a sale solicitation process (SSP) for the sale of its shares in wholly owned subsidiaries Great Slave Helicopters Ltd., Air Tindi Ltd. and Discovery Mining Services Ltd. and its remaining minority interest in its former defense business, along with other residual assets.
The company previously announced that it has entered into four asset purchase agreements with affiliates of Clairvest Group Inc. for the sales of the interests.
Under the SSP order, Discovery Air said the asset purchase agreements were approved for the purpose of constituting stalking horse agreements. CCAA monitor KSV Kofman Inc. will conduct and oversee the sale process.
The SSP requires interested parties to submit qualified bids by no later than May 21 for the shares of the former defense business, with any auction to take place on May 31, and June 4 for any of the shares or assets of the subsidiaries, with any auctions to take place on June 14.
Court approval of the final transactions is expected be sought shortly after completion of any auctions, and the transactions are expected to close no later than July 31.
During that time, Discovery Air said the subsidiaries will continue to operate in the ordinary course.
The court also approved an extension of the company’s CCAA stay of proceedings to June 29. Discovery said it expects to seek a further extension of the stay to allow the transactions to be completed.
Discovery Air is a specialty aviation services company. It is based in Yellowknife in Canada’s North West Territories.
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