"Clearford Water Systems says it’s looking to restructure its mounting debt in a bid to stave off bankruptcy after racking up an accumulated deficit of more than $90 million.
In a news release Friday, the embattled Ottawa cleantech firm said it intends to make a proposal to its creditors under the federal Bankruptcy and Insolvency Act. The move effectively gives Clearford 30 days to lay out a plan for repaying its debts as it tries to keep its head above water.
The company said it believes offering the proposal is “the most expeditious and economical manner of addressing the interests of its creditors and allowing it to carry on its operations uninterrupted.”
Toronto-based consulting firm KSV Advisory has been appointed Clearford’s trustee and will work with the firm to come up with a repayment plan."