Silver Phoenix Resources (TSE:ATL) has released an update.
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Atlas Global Brands Inc. has been granted protection under the Companies’ Creditors Arrangement Act, allowing the company to restructure and potentially sell its assets through a court-supervised process. The stay of proceedings, monitored by Ernst & Young, provides temporary relief until a court hearing on June 27, 2024, where the company will seek further assistance. Despite facing a possible receivership application by one creditor, Atlas Global remains hopeful that CCAA protection will enable them to stabilize and benefit all stakeholders.
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