Forest & Marine Financial Limited Partnership

Forest & Marine Investments Ltd.
TSX VENTURE : FME

Forest & Marine Investments Ltd.
Forest & Marine Investment Trust

May 05, 2009 13:28 ET

Forest & Marine Updates CCAA Status

NANAIMO, BRITISH COLUMBIA--(Marketwire - May 5, 2009) - Forest & Marine Investments Ltd. (TSX VENTURE:FME) -

Following up on the news release of March 30, 2009, the Partnership announces that it has received a further three-month protection period by an order of the Supreme Court of British Columbia (the "Order") under the Companies' Creditors Arrangement Act (Canada) ("CCAA"). 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. are covered by the Order (these parties are collectively referred to as the "F&M Group").

The F&M Group received the Order on May 1, 2009. The Court has extended CCAA protection for a further period of three months expiring on July 31, 2009, or such later date as the Court may order. The F&M Group will appear in Court again before the protection period expires. While under CCAA protection, creditors and others are stayed from enforcing any rights against the F&M Group and the F&M Group can attempt to restructure their affairs. The implications for the F&M Group's creditors and other stakeholders will not be known until the terms of the restructuring plan have been determined and the restructuring process is complete. To the extent possible, the Partnership intends to continue its day-to-day operations during the CCAA restructuring process.

The F&M Group will provide status updates as it works through the CCAA restructuring process.

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)