Mosaic Group makes bankruptcy filing

New York, Dec. 17 - Mosaic Group Inc. said it is looking to restructure its debt under the Canadian Companies' Creditors Arrangement Act. Some of its U.S. subsidiaries filed for Chapter 11 in the U.S. Bankruptcy Court for the Northern District of Texas in Dallas.

The bankruptcy action does not include Mosaic Data Solutions Inc. and Mosaic InfoForce LP.

Mosaic added that it has agreement in principal from its bank lenders for debtor-in-possession financing.

"Today's initiative provides the company the opportunity to address its challenges while preserving the interest of its stakeholders," said Marc Byron, vice chair and chief executive officer of Mosaic Group, in a news release.

Mosaic also said its board of directors named Hap Stephen as chief restructuring officer, describing him as one of Canada's leading restructuring advisors.

The Toronto-based marketing services company said Monday it did not make the interest payment due Dec. 13 on its senior secured term debt notes and Dec. 15 on its COPrS senior subordinated term debt notes. The total amount due was $5.4 million.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.