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Lydian Announces Receipt of Order to Complete Just and Equitable Wind-Up Under Jersey Law

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TORONTO, Sept. 14, 2020 (GLOBE NEWSWIRE) — Lydian International Limited – in liquidation (“Lydian” or the “Company”) announced today that, by an order of the Royal Court of Jersey (the “Royal Court”) dated September 11, 2020 the winding up of the Company was approved pursuant to Article 155 of the Companies (Jersey) Law 1991 on a just and equitable basis (the “Just and Equitable Wind-Up”).  The Just and Equitable Wind-Up is one of the final steps of the Company’s plan of arrangement with its secured creditors under the Companies’ Creditors Arrangement Act that was approved by the Ontario Superior Court of Justice (Commercial List) and became effective as of July 6, 2020. Mr. Andrew Wood (post: PO Box 403, Gaspe House, 66-72 Esplanade, St Helier, Jersey, Channel Islands, JE4 8WA), and Mr. Alex Adam (post: PO Box 137, Regency Court, Glategny Esplanade, St Peter Port, Guernsey, Channel Islands, GY1 3HW), both of Deloitte LLP, have been appointed by the Royal Court as joint liquidators (the “Joint Liquidators”) of the Company in connection with the Just and Equitable Wind-Up.

All inquiries regarding the Just and Equitable Wind-Up should be directed either to the court-appointed Monitor, Alvarez & Marsal Canada Inc. (email: lydian@alvarezandmarsal.com or telephone: +1 416-847-5158) or to the Joint Liquidators (email: abrancato@deloitte.co.uk). Information about the Company’s Just and Equitable Wind-Up proceedings, including all court orders made, are available on the Monitor’s website, at: http://www.alvarezandmarsal.com/Lydian.

Caution regarding forward-looking information

Certain information contained in this news release is “forward looking”. All statements in this news release, other than statements of historical fact, that address events, results, outcomes or developments that the Company expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “intends”, “anticipates” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “will”, “would”, “should”, or “occur” or the negative or other variations of such terms. Forward-looking statements in this news release include, among others, statements with respect to: the Jersey court proceedings and the just and equitable winding-up process, including the proposed outcome of such process and its implementation and the effects of the implementation thereof.

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, without limitation: risks associated with in the Just and Equitable Wind-Up; risks associated with implementing the Just and Equitable Wind-Up; the effects that the implementation of the Just and Equitable Wind-Up, on the terms described herein or otherwise; as well as “Risk Factors” included in the disclosure documents filed on and available at www.sedar.com. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

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2020-09-14 18:07:31


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