|By PR Newswire||
|April 9, 2014 07:25 PM EDT||
TORONTO, April 9, 2014 /CNW/ - GrowthWorks Canadian Fund Ltd. (the "Fund"), which previously announced that it obtained orders of the Ontario Superior Court of Justice (the "Court") granting it creditor protection pursuant to the Companies' Creditors Arrangement Act (Canada) ("CCAA") until and including April 10, 2014, today announced that it has obtained an order of the Court (the "Stay Extension Order") to further extend the "Stay Period" until and including May 9, 2014. The Stay Extension Order continues and extends the stay of proceedings, which has stayed certain creditor claims and the exercise of contractual rights against the Fund.
On January 9, 2014, the Fund announced that it had obtained an order setting out a process for identifying, assessing and determining claims against the Fund (the "Claims Order"). The Claims Bar Date prescribed in the Claims Order was March 6, 2014 (the "Claims Bar Date"). On or about the Claims Bar Date, FTI Consulting Canada Inc., in its capacity as Court-appointed monitor in the CCAA proceedings (the "Monitor") received a variety of claims, including claims filed by the former manager of the Fund and shareholders of the Fund.
The Fund announced today that the Monitor has indicated in its Seventh Report dated April 3, 2014 (available on the Monitor's website at http://cfcanada.fticonsulting.com/GCFL/) that, on or about the Claims Bar Date, the Monitor received approximately 255 claims totalling in excess of $725 million. The total claims submitted to the Monitor include duplicative claims filed against the Fund and its directors and officers, various market and/or contingent claims and claims filed by shareholders of the Fund. Despite the passing of the Claims Bar Date, the Monitor continues to receive claims filed by shareholders in respect of their share holdings. The Monitor has also indicated that it does not anticipate responding to or adjudicating disputed claims until such time as Roseway Capital S.a.r.l. ("Roseway"), the Fund's only secured creditor, is paid in full and there are, or are likely to be, remaining funds for distribution to unsecured creditors, if any, of the Fund. Pursuant to an order of the Court authorizing the Fund to make distributions to Roseway, the Fund has, with the consent of the Monitor, reduced its obligations to Roseway to $19.6 million as of April 4, 2014. Outstanding amounts owing by the Fund to Roseway continue to bear interest at a rate of 20% per annum.
The Fund announced today that it is engaged in ongoing discussions with Roseway with respect to the possible retention of Roseway to act as an investment advisor to the Fund, managing the orderly disposition of the Fund's investment assets in exchange for certain fees. Any proposed advisory agreement between the Fund and Roseway would be subject to Court approval.
The Fund is also providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On December 3, 2013, the Fund announced (the "Default Announcement") that it did not file its audited annual financial statements and related management report of fund performance for the year ended August 31, 2013 under National Instrument 81-106 Investment Fund Continuous Disclosure (collectively, the "Financial Documents") or an annual information form by November 29, 2013, the deadline prescribed by applicable securities legislation. There have been no material changes to the information contained in the Default Announcement or any other changes required to be disclosed under NP 12-203. The Fund still intends to file the Financial Documents and other applicable continuous disclosure documents as soon as is commercially reasonable, or as required by the Court pursuant to the Fund's CCAA Proceedings.
This press release contains forward looking statements, including statements with respect to the CCAA Proceedings. These forward-looking statements reflect the Fund's current views and are based on certain assumptions, including assumptions as to future operating conditions and courses of action, sale or refinancing alternatives, economic conditions and other factors the Fund believes are appropriate. Such forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in these statements, including the risk that the Fund is unable to reach agreement with Roseway upon an asset management and realization plan on terms that are acceptable to the Fund and, as a result, Roseway seeks to pursue remedies against the Fund, including the appointment of a receiver for the Fund's assets and a winding up of the Fund; the risk that any disposition of the Fund's assets may not yield proceeds sufficient to satisfy in full the Fund's payment obligations to Roseway Capital S.a.r.l., the Fund's other creditors or any distribution to the Fund's shareholders; the risk that litigation or defence proceedings involving claims by the former manager of the Fund or other third parties against the Fund may involve substantial expense and, if successful, could require the Fund to pay substantial damages; and those risks and uncertainties disclosed in the Fund's most recently filed prospectus and other regulatory filings posted on SEDAR at www.sedar.com. These risks and uncertainties may cause actual results, events or developments to be materially different from those expressed or implied by such forward-looking statements. Unless required by law, the Fund does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or results or other factors.
SOURCE GrowthWorks Canadian Fund Ltd.
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
Jan. 20, 2017 11:30 AM EST Reads: 690
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Jan. 20, 2017 10:45 AM EST Reads: 6,068
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Jan. 20, 2017 10:45 AM EST Reads: 3,688
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 20, 2017 09:45 AM EST Reads: 5,500
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Jan. 20, 2017 09:45 AM EST Reads: 2,912
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
Jan. 20, 2017 09:15 AM EST Reads: 6,380
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Jan. 20, 2017 08:30 AM EST Reads: 4,739
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
Jan. 20, 2017 08:15 AM EST Reads: 4,927
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 20, 2017 08:15 AM EST Reads: 4,705
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
Jan. 20, 2017 08:00 AM EST Reads: 4,261
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Jan. 20, 2017 07:15 AM EST Reads: 2,970
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Jan. 20, 2017 07:00 AM EST Reads: 9,072
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jan. 20, 2017 07:00 AM EST Reads: 6,863
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
Jan. 20, 2017 06:15 AM EST Reads: 1,625
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Jan. 20, 2017 06:15 AM EST Reads: 3,647