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Western Resources Says Western Potash Obtained Initial Order Under CCAA

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Western Resources' (WRX.TO) units, Western Potash, Western Potash Holdings, and 0907414 B.C. Ltd., obtained an initial order from the Supreme Court of British Columbia under the Companies' Creditors Arrangement Act (Canada) (CCAA), it said in a statement on Monday.

FTI Consulting Canada has been appointed by the Court as the monitor to oversee the CCAA proceedings. An initial stay period is in place until Aug. 31.

The company said that the Court approved interim financing facilities from WPC (Jersey) Limited of up to $1 million, plus applicable interest, fees and expenses. The company's units or debtors, under supervision of the monitor, intend to develop a plan of compromise or arrangement for creditors, it said.

Western Resources said that a subsequent hearing has been scheduled for Aug. 31.

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