The Supreme Court of P.E.I. has denied a request by Entegrity Wind Systems for an extension to devise a plan to avoid bankruptcy. The wind turbine manufacturer owes $11 million to creditors and has been trying to put together a business plan to prove it can turn the company around. It has been under court protection from creditors since August.
The Supreme Court of P.E.I. has denied a request by Entegrity Wind Systems for an extension to devise a plan to avoid bankruptcy. The wind turbine manufacturer owes $11 million to creditors and has been trying to put together a business plan to prove it can turn the company around. It has been under court protection from creditors since August.
The Supreme Court of P.E.I. has denied a request by Entegrity Wind Systems for an extension to devise a plan to avoid bankruptcy.
The wind turbine manufacturer owes $11 million to creditors and has been trying to put together a business plan to prove it can turn the company around. It has been under court protection from creditors since August.
The company asked the court for another 36 days to develop a plan. Entegrity lawyers said the company was talking to some potential investors and some potential buyers for turbines.
The main creditor, Mercantile Lending Company of Toronto, argued the longer bankruptcy is delayed, the harder it will be on the company's reputation and to find employees willing to work there, and Justice Wayne …
... more [truncated due to possible copyright]The Supreme Court of P.E.I. has denied a request by Entegrity Wind Systems for an extension to devise a plan to avoid bankruptcy.
The wind turbine manufacturer owes $11 million to creditors and has been trying to put together a business plan to prove it can turn the company around. It has been under court protection from creditors since August.
The company asked the court for another 36 days to develop a plan. Entegrity lawyers said the company was talking to some potential investors and some potential buyers for turbines.
The main creditor, Mercantile Lending Company of Toronto, argued the longer bankruptcy is delayed, the harder it will be on the company's reputation and to find employees willing to work there, and Justice Wayne Cheverie agreed.