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Xebec Obtains Creditor Protection Under the CCAA to Pursue Restructuring and Commence Court-Approved Sale and Investment Solicitation Process

Xebec Adsorption Inc. (TSX: XBC) (“Xebec” or the “Corporation”), a global provider of sustainable gas solutions, announced today that the Superior Court of Québec (the “Court”) has granted the Corporation’s application for an initial order (the “Initial Order”) under the Companies’ Creditors Arrangement Act (the “CCAA”). Xebec intends to seek recognition of the Initial Order and the SISP Order (as defined below) in the United States under Chapter 15 of the Bankruptcy Code.

Pursuant to the Initial Order, the Corporation and its Canadian and U.S. wholly owned subsidiaries have obtained protection under the CCAA and Deloitte Restructuring Inc. has been appointed as monitor (the “Monitor”) and will assist Xebec in its restructuring efforts.

The Court has also issued an order (the “SISP Order”) authorizing the Corporation to conduct a sale and investment solicitation process (the “SISP”) with the assistance of National Bank Financial Inc. (“NBF”), as financial advisor, and the Monitor, in accordance with the terms therein (the “Bidding Procedures”). The SISP is intended to solicit interest in, and opportunities for, a sale of, or investment in, all or part of the assets and business segments of the Corporation and its subsidiaries, with the goal of maximizing value for the Corporation and its stakeholders.

In order to participate in the SISP and obtain a copy of the confidential information memorandum and access to a virtual data room, all interested parties must comply with the terms and conditions set forth in the Bidding Procedures, a copy of which is available on the Monitor’s website at https://www.insolvencies.deloitte.ca/Xebec. Parties interested in participating in the SISP should contact NBF at XebecSISP@bnc.ca or the Monitor at xebec_ccaa@deloitte.ca.

The deadline for submission of non-binding letters of intent is 5:00 p.m. (Eastern Time) on November 11, 2022 and the deadline for submission of binding bids is 5:00 p.m. (Eastern Time) on January 6, 2023.

Earlier today, the Toronto Stock Exchange (“TSX”) suspended trading of Xebec’s common shares and the TSX has put the Corporation under delisting review under its expedited review process. The TSX has advised the Corporation that a meeting has been scheduled for October 12, 2022 to consider whether or not to delist the securities of the Corporation.

Xebec will provide further updates as developments warrant. A copy of the Initial Order and other information regarding the CCAA proceedings will be available on the Monitor’s website at https://www.insolvencies.deloitte.ca/Xebec. Information regarding CCAA proceedings can also be obtained by calling the Monitor’s hotline at 514-393-6722 or by email at xebec_ccaa@deloitte.ca.

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Xebec Obtains Creditor Protection Under the CCAA to Pursue Restructuring and Commence Court-Approved Sale and Investment Solicitation Process Xebec Adsorption Inc. (TSX: XBC) (“Xebec” or the “Corporation”), a global provider of sustainable gas solutions, announced today that the Superior Court of Québec (the “Court”) has granted the Corporation’s application for an initial order (the …

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