Court Approves Ivaco Sale

Jason Sandefur

The Ontario Superior Court of Justice approved the sale of Ivaco Inc. to Heico LLC for about CAD$375 million (U.S.$285 million). The deal, which will leave shareholders emptyhanded, was first announced in early August. Ivaco has been restructuring since seeking court protection in September 2003.
“This is another significant step in the path to complete the restructuring of Ivaco,” commented chief restructuring officer Randall Benson. “We are pleased that the Court has endorsed this sale transaction and we look forward to completing the remaining requirements to close as quickly as possible.”
The sale is expected to close during the fourth quarter of 2004. Web: ivaco.com � 2004 FastenerNews.com