Colabor Group to ask Quebec Superior Court for CCAA protection from creditors

Colabor Group Inc. says it is seeking court protection from creditors under the Companies’ Creditors Arrangement Act.

The company says it will ask the Superior Court of Quebec for an initial order today.

Colabor is a distributor and wholesaler of food and related products serving the hotel, restaurant and institutional markets in Quebec and the Atlantic provinces, as well as the retail market.

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In its application for an initial order, Colabor is seeking approval of a formal sale and investment solicitation process.

It is also asking for authorization of an interim debtor-in-possession financing to be provided by Toronto-Dominion Bank, Bank of Montreal and Scotiabank.

Approval is being sought for the appointment of Raymond Chabot Inc. as monitor to oversee the CCAA proceedings.