Final Bell Holdings Challenges BZAM Ltd.'s Creditor Protection Application

Final Bell Holdings International Ltd. announced its intention to contest BZAM Ltd.'s application for creditor protection under the Companies' Creditors Arrangement Act in Canada. This move comes shortly after BZAM and its subsidiaries initiated proceedings in the Ontario Superior Court of Justice, following its acquisition of Final Bell Canada Inc. from Final Bell.

The acquisition made Final Bell BZAM's second largest shareholder and its biggest unsecured lender, in addition to being a significant supplier. Final Bell's decision was based on thorough due diligence of BZAM's provided material and public filings. The company firmly believes BZAM's proceedings misuse creditor protection laws to sidestep creditors and shareholders, aiming for a discounted private transaction without required approvals.

Final Bell strongly refutes BZAM's claims that its board considered all alternatives before filing for creditor protection and is determined to oppose the CCAA Proceedings through all legal means. The company seeks to hold BZAM and its management responsible for their actions that threaten to undermine the acquisition agreement of FB Canada.