RECEIVER, EXTENSION FOR MOSAIC GROUP
By Adnews Staff
KPMG has been appointed interim receiver of Toronto-based Mosaic Group and its subsidiaries, pursuant to an order of the Ontario Superior Court under the Bankruptcy and Insolvency Act. KPMG will "assist in the realization process" of Mosaic's remaining assets. The company has also gained an extension of protection from the court under the Companies' Creditors' Arrangement Act to Dec. 15. Mosaic first obtained an order from the court under the CCAA in Dec. 2002, to begin restructuring its debt. At that time some of the company's U.S. subsidiaries began proceeding for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
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