Xebec Announces Sale of HyGear and Applied Compression Systems
MONTRÉAL, Feb. 7, 2023 /CNW/ - Xebec Adsorption Inc. ("Xebec" or the "Corporation"), a global provider of sustainable gas solutions, announced today the sale of two subsidiaries, further to the Corporation's previously announced ongoing sale and investment solicitation process (the "SISP").
Sale of HyGear
Xebec proceeded with the sale of its wholly owned subsidiary Green Vision Holding B.V., the parent company of HyGear Technology and Services B.V. ("HyGear"), to Hydrogen Solutions B.V., an affiliate of HoSt Holding B.V. ("HoSt").
Osler, Hoskin & Harcourt LLP and Clifford Chance LLP acted as Xebec's legal advisors in connection with the sale of HyGear. The Corporation's financial advisor is National Bank Financial Inc. DLA Piper Nederland N.V. acted as Dutch legal counsel to HoSt in connection with the sale of HyGear.
Sale of Applied Compression Systems Ltd.
Xebec also proceeded with the sale of substantially all assets of its wholly owned British Columbia based subsidiary, Applied Compression Systems Ltd., to 1396905 B.C. Ltd. Osler, Hoskin & Harcourt LLP acted as Xebec's legal advisor in connection with the transaction. The Corporation's financial advisor is National Bank Financial Inc. Spruce Notary & Legal acted as counsel to the purchaser in connection with the transaction.
Xebec will provide further updates as developments warrant. Information regarding the SISP and the Corporation's proceedings under the Companies' Creditors Arrangement Act and in the United States under Chapter 15 of the Bankruptcy Code (collectively, the "CCAA Proceedings") are available on the Deloitte Restructuring Inc. (the "Monitor")'s website at https://www.insolvencies.deloitte.ca/Xebec. Information regarding CCAA Proceedings can also be obtained by calling the Monitor at 514-393-6722 or toll free at 1-888-393-6722 and via email at firstname.lastname@example.org.
SOURCE Xebec Adsorption Inc.
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