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P.E.I wind turbine-maker gets court reprieve to get fiscal house in order

Another victory in the courts for Entegrity Wind System has given the Charlottetown wind turbine-maker another 45 days to get its fiscal house in order. Entegrity went before Supreme Court Justice Wayne Cheverie asking that he allow the company a 45-day extension so it can work with its trustee, Pricewaterhousecoopers, to develop a plan to get the financially troubled company back on its feet.

CHARLOTTETOWN - Another victory in the courts for Entegrity Wind System has given the Charlottetown wind turbine-maker another 45 days to get its fiscal house in order.

Entegrity went before Supreme Court Justice Wayne Cheverie asking that he allow the company a 45-day extension so it can work with its trustee, Pricewaterhousecoopers, to develop a plan to get the financially troubled company back on its feet.

The company now has until Sept. 28 to come up with a plan to pay its bills, including more than $3 million to its bank, Toronto-based Mercantile Finance.

If had denied the extension, the company would have been deemed bankrupt.

But the company still faces significant challenges.

Court documents say it owes more than $11 million, but Entegrity says that figure is closer to $9 million.

Earlier this week, Entegrity won a second ruling in the courts denying a Toronto bank's request to force the company into bankruptcy.

CHARLOTTETOWN - Another victory in the courts for Entegrity Wind System has given the Charlottetown wind turbine-maker another 45 days to get its fiscal house in order.

Entegrity went before Supreme Court Justice Wayne Cheverie asking that he allow the company a 45-day extension so it can work with its trustee, Pricewaterhousecoopers, to develop a plan to get the financially troubled company back on its feet.

The company now has until Sept. 28 to come up with a plan to pay its bills, including more than $3 million to its bank, Toronto-based Mercantile Finance.

If had denied the extension, the company would have been deemed bankrupt.

But the company still faces significant challenges.

Court documents say it owes more than $11 million, but Entegrity says that figure is closer to $9 million.

Earlier this week, Entegrity won a second ruling in the courts denying a Toronto bank's request to force the company into bankruptcy.


Source: http://www.princegeorgeciti...

AUG 20 2009
https://www.windaction.org/posts/21854-p-e-i-wind-turbine-maker-gets-court-reprieve-to-get-fiscal-house-in-order
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