SAINT-BRUNO-DE-MONTARVILLE, Québec, March 26, 2026 (GLOBE NEWSWIRE) -- Colabor Group Inc. (TSX: GCL) ("Colabor" or the "Company") provided today an update regarding its sale and investment solicitation process ("SISP") conducted under the supervision of the Superior Court of Québec (Commercial Division) (the "Court") and Raymond Chabot Inc., as Court-appointed monitor of the Company (the "Monitor") in connection with the restructuring proceedings (the "CCAA Proceedings") of the Company and certain of its subsidiaries, Transport Paul-Émile Dubé Ltée, Le Groupe Resto-Achats Inc. and Norref Fisheries Quebec Inc., instituted on January 8, 2026, under the Companies' Creditors Arrangement Act (Canada).
The Company continues to make progress with its SISP with the assistance of the Monitor, and has accepted four binding offers for the substantial totality of its assets and operations. Definitive agreements for three of these transactions are in the process of being finalized. These negotiations are advancing constructively, and the Company expects to make announcements as further material progress is made. One of these definitive agreements, a share purchase agreement (the "Share Purchase Agreement") with a corporation newly incorporated for the sole purpose of purchasing all outstanding shares of Tout-Prêt Inc. ("Tout-Prêt") on behalf of a group of existing employees of Tout-Prêt, has been finalized by the Company.
The Company has applied to the Court for the issuance of an approval and vesting order (the "Approval Order") in respect of the transaction contemplated by the Share Purchase Agreement and a hearing is scheduled for March 31, 2026 (the "Hearing"). Assuming the Approval Order is granted by the Court, and subject to fulfillment or waiver, as applicable, of other closing conditions customary for a transaction of this nature contained in the Share Purchase Agreement, the Company expects the transaction to be completed early April 2026.
The Company intends to return to Court shortly to seek approval on the other three transactions in the coming weeks. As such, the Company has also filed an application for approval of a stay of proceedings until May 1, 2026, which will be heard during the Hearing.
About Colabor
Colabor is a distributor and wholesaler of food and related products serving the hotel, restaurant and institutional markets or "HRI" in Quebec and in the Atlantic provinces, as well as the retail market. Within its two operating activities, Colabor offers specialty food products such as meat, fish and seafood, as well as food and related products through its Broadline activities.
Further information:
Yanick Blanchard
Chief Restructuring Officer
Colabor Group Inc.
Tel.: 450-449-4911 extension 1782
investors@colabor.com
Forward-Looking Statements
This press release contains certain forward-looking statements as defined under applicable securities law, including statements regarding the CCAA Proceedings and sale and investment solicitation process and the related filing of an application to the Court, the expected closing of the transaction contemplated in the Share Purchase Agreement, and statements about the Company's belief and expectations and other statements that are not statements of historical fact. Forward-looking information, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee"; "ensure" or other similar expressions concerning matters that are not historical facts. Refer in particular to section 2.2 "Development Strategies and Outlook" of the Company's MD&A. While Management considers these assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what Colabor currently expects. For more exhaustive information on these risks and uncertainties, the reader should refer to section 7 "Risks and Uncertainties" of the Company's MD&A. These factors are not intended to represent a complete list of the factors that could affect Colabor and future events and results, may vary significantly from what Management currently foresees. The reader should not place undue importance on forward-looking information contained in this press release, information representing Colabor's expectations as of the date of this press release (or as of the date they are otherwise stated to be made), which are subject to change after such date. While Management may elect to do so, the Company is under no obligation (and expressly disclaims any such obligation) and does not undertake to update or alter this information at any particular time, whether as a result of new information, future events or otherwise, except as required by law.
