Chesswood (TSE:CHW) has released an update.
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Chesswood Group Limited has entered creditor protection under the Companies’ Creditors Arrangement Act in Canada due to issues with its $300 million credit facility, resulting in the resignation of its board and CFO. The Ontario Superior Court has approved interim financing and appointed FTI Consulting as the monitor to oversee proceedings. Despite these challenges, CEO Tobias Rajchel is expected to remain in his role as the company navigates this financial turbulence.
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