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Article: Industrialex Manufacturing Canada, Ltd. Ceases All Operations
- Article from:
- CCNMatthews Newswire
- Article date:
- January 27, 2006
CopyrightCopyright 2006 CCNMatthews Newswire. Provided by ProQuest LLC. (Hide copyright information)
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WINDSOR, ONTARIO--(CCNMatthews - Jan. 27, 2006) - Industrialex
Manufacturing Canada, Ltd., a wholly owned subsidiary of Industrialex
Manufacturing Corp. (TSX VENTURE:IXC.U) today announced that it is
deemed to have made an assignment in bankruptcy as a result of the
non-filing of a Proposal. The Company embarked on putting a new cost
structure in place while under a Notice of Intent to File a Proposal
(NOI), which was filed on December 27, 2005. While under the NOI, the
Company continued to provide ongoing work to its customers. The
Company presented to its Labor Union a proposal for wage and benefit
concessions as a vital first step in restructuring its cost
structure. The proposal was ...