Forest & Marine Financial Limited Partnership

Forest & Marine Investments Ltd.
TSX VENTURE : FME

Forest & Marine Investments Ltd.
Forest & Marine Investment Trust

June 09, 2009 18:33 ET

Forest & Marine Updates CCAA Status-Appeal Dismissed

NANAIMO, BRITISH COLUMBIA--(Marketwire - June 9, 2009) - Forest & Marine Investments Ltd. (TSX VENTURE:FME) -

The Partnership announces that its secured creditor, Asset Engineering Limited Partnership, was unsuccessful in its appeal of the further three-month protection period the F&M Group had received by an order of the Supreme Court of British Columbia (the "Order") under the Companies' Creditors Arrangement Act (Canada) ("CCAA"). The F&M Group covered by CCAA protection includes Forest & Marine Financial Corporation, as general partner of the Partnership and manager of the Trust, the Company, Forest & Marine Capital Ltd., Forest & Marine Insurance Services Ltd., the Partnership itself, the Trust and Treesea Holdings Inc. The Order grants protection until July 31, 2009.

Wolrige Mahon Limited remains Monitor under the Order. Reports related to the F&M Group are posted on the Monitor's website at www.wmltrustees.com.

About the Forest & Marine Group

The Forest & Marine Group of companies includes the Partnership, Forest & Marine Financial Corporation as general partner of the Partnership, the Company, the Trust, Forest & Marine Capital Ltd., Forest & Marine Insurance Services Ltd., Treesea Holdings Inc., and Staffordshire Trust Company (collectively, the "Forest & Marine Financial Group").

Through the Partnership, the Forest & Marine Financial Group is engaged primarily in the financing of heavy mobile equipment, helicopters, tugs and barges utilized in the forest products and marine industries, as well as other non-forestry related businesses such as supermarkets and food distribution, feeder airlines, commercial fishing and processing and wholesale glass distributors. All business is conducted by the Partnership.

The Forest and Marine Financial Group has extensive knowledge of the forestry and marine industries; its primary focus is to provide funding to independent logging contractors and marine operators. The Forest and Marine Financial Group's geographic target markets are communities on Vancouver Island, the Queen Charlottes and throughout coastal British Columbia. The Forest and Marine Financial Group has provided specialized credit facilities for this niche market since 1983.

ON BEHALF OF:

FOREST & MARINE FINANCIAL LIMITED PARTNERSHIP (the "Partnership")

by its General Partner, Forest & Marine Financial Corporation

David R. Hitchcock, Director

FOREST & MARINE INVESTMENTS LTD. (the "Company")

David R. Hitchcock, Director

FOREST & MARINE INVESTMENT TRUST (the "Trust")

by its Manager, Forest & Marine Financial Corporation

David R. Hitchcock, Director

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Forest & Marine Financial Group
    David R. Hitchcock
    Director
    (250) 753-0141 or Toll-Free 1-877-772-0022
    (250) 753-0173 (FAX)