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Shermag gains debt extension

By Furniture Today Staff -- Furniture Today, December 21, 2008

SHERBROOKE, Quebec — Furniture supplier Shermag has received another extension of its court-ordered protection from creditors — until April 4.

In addition, Shermag's monitor under the Quebec Superior Court proceedings, RSM Richter, filed a Chapter 15 petition in U.S. Bankruptcy Court in Greensboro, N.C., to have the U.S. court recognize and enforce the Canadian proceedings.

Shermag sought protection under the Companies' Creditors Arrangement Act, a Canadian form of bankruptcy protection, in May.

The most recent extension gives Shermag more time to develop and file a “plan of arrangement” that will go before creditors.

The court already has given the Shermag approval to sell its office building in Sherbrooke, Quebec, and to liquidate surplus inventory and equipment.

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