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Press Release October 2019

2019-10-23

DEL EQUIPMENT INC. ANNOUNCES FILING FOR CREDITOR PROTECTION UNDER CCAA
 
Toronto, Ontario, (October 22, 2019) – Del Equipment Inc. (“DEL” and the “Company”), Canada’s oldest and most respected national body builder and upfitter brand since 1945, has sought protection from creditors to provide stability while it carries out a process to explore strategic alternatives that it expects will result in the sale of the company (the “Sale and Restructuring Process”). On October 22, 2019, DEL obtained an Initial Order from the Ontario Superior Court of Justice (the “Court”) initiating proceedings (the “CCAA Proceedings”) under the Companies’ Creditors Arrangement Act (the “CCAA”). MNP Ltd. was appointed monitor in the CCAA proceedings.  The CCAA Proceedings provide DEL with the time and stability needed to complete the Sale and Restructuring Process. 
The last five years or so have been very challenging for the Company. In particular, the Company’s financial position and performance were seriously affected during the last two years. DEL is taking the appropriate and prudent steps to address its recent financial challenges to find a solution that is beneficial for DEL and its stakeholders.
DEL has the full support of its senior lender to ensure that DEL has sufficient funding to enable it to continue operating while the Sale and Restructuring Process is being completed.
There are no changes to service or payment terms expected as a result of the CCAA Proceedings. Meeting customer needs remains our highest priority. Our primary focus remains providing the quality goods and services that our customers have come to know and expect.
We intend to pay all suppliers under our customary terms for all goods and services they provide to DEL during the CCAA proceedings. We anticipate that all of our suppliers will continue to provide goods and services under terms that continue to sustain a viable commercial relationship. Our ability to purchase from you on favorable terms and at competitive prices is critical, and the company does not intend to renegotiate any of its agreements at this time.
All employees will be paid all wages and salary accrued prior to the commencement of the CCAA proceedings. Employees of DEL will continue to be paid and receive their salary and wages in the normal course while they remain employed with DEL. Employees should expect no immediate changes to operations or day-to-day responsibilities as a direct result of the CCAA Proceedings or the Sale and Restructuring Process.
 
We are committed to the relationship we have developed over the years with our valued customers, suppliers, and employees.
For more information, refer to www.mnpdebt.ca/DELEquipment or contact Doug Lucky, Chief Restructuring Officer or Paul Martin, Chairman of the Board and Secretary.
As the Company advances through the process, it will keep everyone informed.
 
About Del Equipment Limited
Del Equipment Inc. is Canada’s Premier Truck Equipment Advisor and Assembler.  DEL engineers, designs, and manufactures truck body and equipment solutions. DEL has been serving the Canadian market for almost 70 years and delivers “Toughness you can trust™”.  DEL has a broad and diverse customer base including municipalities, truck dealerships, national fleet accounts and business operators who want a superior experience when getting their vehicles up-fitted with quality truck bodies and truck equipment.  Products manufactured or distributed by DEL are recognized in the field as “World Class”.  We pride ourselves on being able to creatively deliver premier truck body advisory services and product assembly of exceptional value.
 
For further information, please contact:
 
Paul Martin                                                             Doug Lucky
Chairman of the Board and Secretary                     Chief Restructuring Officer
Del Equipment Inc.                                                 Del Equipment Inc.
(416)  421-5851 x1115                                           (416) 421-5851 x1169
pmartin@delequipment.com                                   dlucky@delequipment.com


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