CHESSWOOD SALE AND INVESTMENT SOLICITATION PROCESS

TORONTO, Dec. 30, 2024 /CNW/ - FTI Consulting Canada Inc., in its capacity as court-appointed monitor (in such capacity, the "Monitor") of Chesswood Group Limited, Case Funding Inc., Chesswood Holdings Ltd., Chesswood US Acquisitionco Ltd., Pawnee Leasing Corporation, Lease-Win Limited, Windset Capital Corporation, Tandem Finance, Inc., Chesswood Capital Management Inc., Chesswood Capital Management USA Inc., Rifco National Auto Finance Corporation, Rifco Inc., Waypoint Investment Partners Inc. and 1000390232 Ontario Inc. (collectively, the "CCAA Parties") pursuant to the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the "CCAA"), is conducting a sale and investment solicitation process (the "SISP") in respect of certain of the CCAA Parties. The SISP is intended to solicit interest in, and opportunities for: (i) one or more sales or partial sales of all, substantially all, or certain portions of their assets or business operations; and/or (ii) an investment in, restructuring, recapitalization, refinancing or other form of reorganization of the applicable CCAA Parties or their business operations, or any combination thereof.

On October 29, 2024, the Ontario Superior Court of Justice (Commercial List) (the "Court") issued an Initial Order pursuant to the CCAA in respect of the CCAA Parties (the "Initial Order", and the proceedings under the CCAA commenced thereby, the "CCAA Proceedings"), which was thereafter amended and restated. The CCAA Proceedings have been recognized as foreign main proceedings pursuant to a final order of the U.S. Bankruptcy Court for the district of Delaware (the "U.S. Court") under Chapter 15 of Title 11 of the United States Code (such proceedings before the U.S. Court, the "Chapter 15 Proceedings").

The SISP and related bidding procedures were approved by the Court pursuant to a SISP Approval Order dated December 19, 2024, made in the CCAA Proceedings (the "SISP Approval Order"). The SISP and related bidding procedures set forth the manner in which interested parties may be provided with an opportunity to participate in the SISP and submit offers, including receipt of a process summary describing the opportunity and access to a virtual data-room following execution of a non-disclosure agreement ("NDA") acceptable to the Monitor. All interested parties are encouraged to submit offers based on any form of opportunity that they may elect to advance pursuant to the SISP.

Interested parties who wish to submit a bid in the SISP must deliver an executed NDA in accordance with the SISP. Final binding offers are due by no later than 5:00 pm (prevailing Eastern Time) on January 20, 2025, unless extended in accordance with the terms of the SISP. Interested parties should refer to the SISP for information pertaining to other important deadlines and processes thereunder.

Those who are interested in participating in the SISP can contact the Monitor to receive additional information at:

Copies of the Initial Order, the amended and restated Initial Order, the SISP Approval Order, the SISP, and related materials may be obtained from the website of the Monitor at: http://cfcanada.fticonsulting.com/Chesswood/.

About Chesswood Group Limited

Chesswood Group Limited is a Toronto, Canada based holding company whose subsidiaries engage in the business of specialty finance (including equipment finance throughout North America and vehicle finance and legal sector finance in Canada), as well as the origination and management of private credit alternatives for North American investors.

Notice regarding forward-looking statements

Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information are assumptions regarding our future operational results. These assumptions, although considered reasonable by the CCAA Parties at the time of preparation, may prove to be incorrect. Readers are cautioned that actual performance of the CCAA Parties is subject to a number of risks and uncertainties, including with respect to the results of the SISP, the CCAA Proceedings, and the Chapter 15 Proceedings, and any potential recovery for stakeholders of the CCAA Parties, and results could differ materially from what is currently expected as set out above.

Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE Chesswood Group Limited