Loop Energy (TSE:LPEN) has released an update.
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Loop Energy Inc., a Canadian company listed on the TSX, has initiated a restructuring process after an extensive 18-month search for strategic alternatives, filing a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act. This filing enables the company to protect itself from creditor claims while it seeks potential buyers or investors for its business or assets, with the aim to complete the process by the end of August 2024. The company has also announced the resignation of Sophia Langlois from the board and obtained an extension for its annual general meeting.
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