Quebec clean-technology firm Orbite Technologies on Monday announced it has filed a ‘notice of intention’ (NOI) to make a proposal under the Bankruptcy and Insolvency Act, thereby imposing an automatic 30-day stay of proceedings that will protect the company and its assets from the claims of creditors while the company pursues its restructuring efforts.
The initial NOI period will allow Orbite to evaluate, with its partners, all available legal recourses and financial alternatives that may allow the Company to resume its production efforts as soon as possible and “hopefully” continue as a going concern.
