BEDFORD, N.S.— Clearwater Seafoods Income Fund has cancelled the meeting of debentureholders that was scheduled for today because the voting results as of March 12, the cutoff date to receive proxies, although positive, indicated the proposed amendments to the 2010 Debentures would not receive the required 66 2/3 per cent approval of the votes cast.
The Fund may, in the future, revisit refinancing options of the 2010 Debentures. If any determination is made with regard to refinancing options, the Fund will advise the Debentureholders.
According to Colin MacDonald, chairman of CS ManPar Inc., the general partner of the Fund’s administrator, Clearwater Seafoods Limited Partnership (“Clearwater”), and chairman and CEO of Clearwater, “We had looked at amending these convertible debentures before their maturity as part of our ongoing review of the Fund’s capital structure and strategy to address maturing debt facilities. We respect the feedback received from the Debentureholders and will take some additional time to consider other options to refinance the 2010 Debentures.”
Tom Traves, chair of the Board of Trustees, added, “While the Trustees felt the terms offered had a number of benefits for Debentureholders, given the voting results, we will continue to review the Fund’s capital structure and in particular the options available for addressing the maturity of the 2010 Debentures.”