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July 28, 1997updated 05 Sep 2016 12:30pm


By CBR Staff Writer

Continuing its downward spiral, Canadian networking company Gandalf Technologies Inc has cut 180 jobs at the company and, along with its subsidiary, Gandalf Canada Ltd has sought protection from its creditors under the Companies’ Creditors Arrangement Act (CCAA). The temporary protection will last until October 31 1997. Gandalf says it needs the protection to reorganize its affairs and enable it to continue its long-running search for an investor or partner to acquire all or part of the company which began in February. Gandalf says it had now begun assessing its options regarding subsidiaries in the US, UK the Netherlands and France. As part of the CCAA protection the company has at least been able to set up an interim credit facility with its bank, the Royal Bank of Canada. The move for bankruptcy protection is the latest in a long line of troubles at the company. Last month it was locked out of its premises when the landlord believed the company would not be able to taxes due on the property. Gandalf regained access after a court ruled in its favor (CI No 3,192).

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