March 21, 2018 / 5:40 PM / 6 months ago

BRIEF-Discovery Air Announces Commencement Of Restructuring Proceedings

March 21 (Reuters) - Discovery Air Inc:

* DISCOVERY AIR INC. ANNOUNCES COMMENCEMENT OF RESTRUCTURING PROCEEDINGS UNDER THE COMPANIES' CREDITORS ARRANGEMENT ACT AND PENDING SALE PROCESS TO PRESERVE BUSINESS; AFFILIATES OF CLAIRVEST SUBMIT BIDS TO PURCHASE ASSETS

* DISCOVERY AIR INC - ‍NONE OF SUBSIDIARIES HAVE FILED FOR CCAA PROTECTION​

* DISCOVERY AIR- CLAIRVEST AGREED TO PROVIDE FUNDING TO CORP DURING THE PROCEEDINGS PURSUANT TO COURT-APPROVED DEBTOR-IN-POSSESSION FINANCING FACILITY

* DISCOVERY AIR - ‍SH, ATL & DMS HAVE BENEFIT OF STAY OF PROCEEDINGS TO PREVENT CREDITOR ACTIONS AGAINST THEM AS RESULT OF CO'S FILING FOR CCAA PROTECTION​ Source text for Eikon: Further company coverage:

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