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THETFORD MINES, QC, Nov. 25, 2025 /CNW/ – Mazarin Inc. (“Mazarin” or the “Company”) announced today that its subsidiary, Asbestos Corporation Limited (“ACL”) (TSXV:AB), continues to advance its restructuring efforts under the Companies’ Creditors Arrangement Act (“CCAA”), following the issuance of an initial order on May 6, 2025 and of an Amended and Restated Initial Order (“ARIO”) by the Superior Court of Québec (Commercial Division) (the “Court”) on May 15, 2025.
Since the month of August, ACL has achieved significant milestones in its restructuring efforts, including:
Second Amended and Restated Initial Order: On September 4, 2025, the Court issued a Second Amended and Restated Initial Order extending the stay of proceedings against ACL until December 15, 2025. This extension provides ACL with additional time to advance its restructuring initiatives in an orderly manner, in collaboration with Raymond Chabot Inc., the court-appointed Monitor, and under the Court’s supervision.Recognition in U.S. Chapter 15 Proceedings: On October 30, 2025, the United States Bankruptcy Court for the Southern District of New York issued a Recognition Order in the proceedings under Chapter 15 of the Bankruptcy Code, confirming recognition of the Canadian CCAA proceedings as “foreign main proceedings”. This recognition ensures the stability of ACL’s cross-border restructuring process. Certain parties in the United States have appealed the Recognition Order and ACL intends to contest such appeal.
ACL is continuing to work on a comprehensive claims process and expects to seek approval of a claims bar date order in the near term. The Company is continuing to work closely with the Monitor to ensure transparency and fairness throughout the process.
Mazarin continues to monitor ACL’s restructuring proceedings closely.
As disclosed in the Company’s unaudited interim financial statements for the quarter ended September 30, 2025, which are prepared on a consolidated basis with ACL, the Company and ACL recorded a loss primarily attributable to the expenses related to ACL’s restructuring proceedings. These restructuring expenses, were largely composed of professional fees and advisory costs necessary to support the CCAA proceedings. ACL financed these costs through the interim financing from certain of its insurers approved by the Court as part of ACL’s CCAA proceedings. These expenditures, while significant, are considered essential to advancing the restructuring process and preserving long-term value for stakeholders. The repayment of the interim financing is secured by a super-priority charge on ACL’s assets. This charge ranks after that of Mazarin, which holds a universal security interest over ACL’s assets.
Readers are encouraged to consult the full text of all documents for further, more detailed information. Further press releases will be issued as required by law and applicable securities regulations, or as otherwise deemed necessary by the Company or the Court. Documents related to the restructuring process, including the ARIO and the Monitor’s reports, will also be made available on the Monitor’s website at https://www.raymondchabot.com/en/companies/public-records/asbestos-corporation/.
Trading of ACL’s common shares on the TSX Venture Exchange (the “TSXV”) remains suspended.
Forward-Looking Information and Statements
This press release contains forward-looking statements that address future events and conditions, subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements due to numerous factors, some of which may be beyond the Company’s control. These factors include general market and industry conditions, risks related to commissioning, continuous operations, commercialization of new technologies, the status and success of ACL’s restructuring and financing efforts, and other risks disclosed in the Company’s filings with Canadian Securities Administrators.
Forward-looking statements are based on the expectations and opinions of the Company’s management as of the date of this press release. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. As such, undue reliance should not be placed on forward-looking statements. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Mazarin Inc.
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