Investissement Québec backed Orbite files for Bankruptcy

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By CPE News

Montreal (pcJ News Briefs) – Orbite Technologies Inc. (TSX: ORT; OTCQX: EORBF) has filed Notice of Intention to make a proposal under the provisions of the Bankruptcy and Insolvency Act (BIA). Orbite made the filing on April 3, 2107 and PricewaterhouseCoopers Inc. was appointed as the trustee and monitor in the proposal proceedings.

Since 2016, Orbite Technologies has raised almost $56 million in convertible debt financing, $9.9 million of which provided by Investissement Québec (IQ). IQ, also through Ressources Quebec inc., invested $5 million in equity financing in Orbite.

Orbite Technologies shares are to be delisted from Toronto Stock Exchange (TSX) effective as of the close of business on May 16, 2017.

photo credit: Orbite Technologies