TORONTO, Jan. 28 /CNW/ - Deloitte & Touche Inc., in its capacity as
interim receiver and receiver and manager (the "Receiver") of all the assets,
undertakings and properties of CPI Plastics Group Limited and its affiliates,
CPI Plastics Group (Canada) Ltd., CPI Plastics Group, Inc., Crila Investments
Inc., and Crila Plastics Industries, Inc. (together, the "CPI Group"),
announced today that the Ontario Superior Court of Justice issued an order
approving a sales process for the business and assets of the CPI Group (the
"Canadian Order"). The Receiver also brought a motion yesterday afternoon to
the United States Bankruptcy Court for the Eastern Division of Wisconsin for
an order recognizing the Canadian Order and the application of the sales
process in the U.S.
In accordance with the sales process, offers will be sought for the
assets of the CPI Group. For further information, you can refer to the
Receiver's website at www.deloitte.com/ca/cpi or communicate with the Receiver
at the number below.
At this time there is no certainty as to the outcome of the Receiver's
sales process. It is unlikely that there will be any value for holders of
CPI's shares following the completion of any transaction resulting from the
Receiver's efforts.
CPI Plastics Group Ltd. is a Canadian-based plastics processor and a
recognized international leader in thermoplastics profile design, engineering,
processing and value added manufacturing. CPI is comprised of three key
divisions. CPI's Outdoor Living Products Group manufactures and markets Eon(R)
Decking and Fencing Systems, as well as high value-added cladding and
accessory components to the outdoor hot tub industry. CPI's Film Products
Group manufactures and markets the Rack Sack(R) household refuse management
system and a wide range of branded and private label household and industrial
refuse bags. CPI's Custom Products Group supplies leading OEM manufacturers
with custom profile solutions to enhance quality, cost effectiveness and
process ability. To learn more about CPI, visit www.cpiplastics.com.
