May 12, 2006 17:58 ET

Scierie Ced-Or Inc. Files an Assignment under the Bankruptcy and Insolvency Act

MONTREAL, QUEBEC--(CCNMatthews - May 12, 2006) - Ced-Or Corporation ("Ced-Or")(TSX VENTURE:COQ) wishes to inform its shareholders that Scierie Ced-Or inc. ("SCO"), a wholly-owned subsidiary of Ced-Or, has filed an assignment under the Bankruptcy and Insolvency Act. Ernst & Young Inc. has been appointed trustee of the assets of SCO.

The SCO assets will be sold by the trustee, with the agreement of Laurentian Bank of Canada (the principal creditor of SCO), to the buyer, who submits the tender it considers the most financially advantageous, accounting for the result of the call for tenders process it had initiated through the interim receiver. Ced-Or will not receive any part of the proceeds of the sale of the SCO assets, which will be distributed to its creditors.

The Ced-Or common shares are traded on the TSX Venture Exchange.

The TSX Venture Exchange does not accept any responsibility concerning the veracity or accuracy of this press release.

Contact Information

  • Ced-Or Corporation
    Jean Paul Cossette
    (514) 396-2600
    Luc Carpentier
    Administration & Finance
    819) 440-2600, extension 224