Canadian Magazine Industry News
9 December 2014,     OSHAWA
Update: General Printers winds down business
As we previously reported, General Printers had filed a motion to make a proposal to restructure under the Bankruptcy and Insolvency Act—we’ve now learned that the company will be auctioning off its equipment. The auction is being performed by Corporate Assets Inc. on Dec. 16 and can be viewed on Dec. 15.

 
Adam Fisher of Harris and Partners Inc., the trustee in bankruptcy handling the company, said that company decided to sell when the decision was made to file. At that point operations ceased immediately. “The objective was an organized wind down to maximize the return to stakeholders, Fisher said. “It was thought to be most efficient through a restructuring process.”  

The building is listed for sale and the cash flow settlement was filed with the court.  A creditors meeting—to vote on the proposal— will be held on Dec 12. on the company’s premises. All employees have been laid off, however some have found employment temporarily on contract to assist in the organized wind down of General Printers.

*This story was originally published on our sister site PrintCan*
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