Arctic Glacier Income Fund

Arctic Glacier Income Fund

September 20, 2011 10:05 ET

Arctic Glacier Provides Further Information on Refinancing Proposal

WINNIPEG, MANITOBA--(Marketwire - Sept. 20, 2011) - Arctic Glacier Income Fund (TSX:AG.UN) (the "Fund") today confirmed receipt of a preliminary, non-binding refinancing proposal from a group of unitholders including Coliseum Capital Partners L.P. and Talamod Master Fund, LP along with a significant institutional lender (the "Refinancing Parties"). Given the preliminary nature of the proposal, the Fund is not in a position to disclose specific details. However, the Fund can confirm that it is in active dialogue with the Refinancing Parties to assess the merits of this proposal. The Board of Trustees will consider this proposal, along with all alternatives being considered, acting in the best interests of all unitholders.

About Arctic Glacier

Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc., is a leading producer, marketer and distributor of high-quality packaged ice in North America, primarily under the brand name of Arctic Glacier® Premium Ice. Arctic Glacier operates 39 production plants and 48 distribution facilities across Canada and the northeast, central and western United States servicing more than 75,000 retail locations.

Arctic Glacier Income Fund trust units are listed on the Toronto Stock Exchange under the trading symbol AG.UN. There are currently 350.3 million trust units outstanding.

Forward-Looking Information

This news release contains forward-looking statements, which are subject to certain risks, uncertainties and assumptions. A number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements, and there is no assurance that actual results will be consistent with these forward-looking statements. In particular, this news release confirms that the Fund is in active discussions with the Refinancing Parties on a preliminary, non-binding refinancing proposal. However, no assurance can be given that an agreement on a refinancing proposal will be reached or, if an agreement is reached, that such a refinancing will be successfully concluded. These forward-looking statements are made as at the date of this news release, and the Fund assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances.

The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release.

Contact Information

  • Arctic Glacier Income Fund
    Keith McMahon
    President & CEO
    Toll free investor relations phone: 1-888-573-9237

    Arctic Glacier Income Fund
    Doug Bailey
    Chief Financial Officer
    Toll free investor relations phone: 1-888-573-9237