SAINT-BRUNO-DE-MONTARVILLE, Quebec, Sept. 05, 2025 (GLOBE NEWSWIRE) — Colabor Group Inc. (“Colabor” or the “Company”) (TSX: GCL) today announced that it has entered into a forbearance agreement (the “Agreement”) with its principal lenders, including The Toronto-Dominion Bank, Bank of Montreal, and The Bank of Nova Scotia (collectively, the “Lenders”), under its amended and restated senior first-ranking secured credit facility (the “A&R Credit Facility”). In addition, the Company has entered into separate forbearance agreements (the “IQ Forbearance Agreements” and, together with the Agreement, the “Forbearance Agreements”) with Investissement Québec (“IQ”) under its subordinated and highly subordinated credit facilities with IQ (the “IQ Credit Facilities”).
Under the terms of the Forbearance Agreements, the Lenders and IQ have agreed to temporarily forbear from exercising their rights and remedies in respect of anticipated defaults under the A&R Credit Facility and the IQ Credit Facilities, specifically related to certain financial covenants for the third and fourth quarters of 2025.
The Forbearance Agreements are the result of successful discussions with the Lenders and IQ that were previously disclosed by the Company in June 2025. In parallel, the Company is actively engaged in further discussions with its Lenders and IQ regarding potential amendments to the A&R Credit Facility and the IQ Credit Facilities, aiming to further support Colabor’s long-term stability and growth. The forbearance period is effective until October 15, 2025, and is subject to Colabor’s continued compliance with specified financial and operational covenants.
The Forbearance Agreements provide Colabor with additional flexibility following the July 2025 cybersecurity incident and works to strengthen its financial position. The Company remains committed to operating in the normal course, meeting its obligations to customers and suppliers, and implementing its business plan. Colabor’s management and board of directors are actively engaged in ongoing discussions with stakeholders and are focused on positioning the Company for long-term stability and growth.
About Colabor
Colabor is a distributor and wholesaler of food and related products serving the hotel, restaurant and institutional markets or “HRI” in Quebec and in the Atlantic provinces, as well as the retail market. Within its operating activities, Colabor offers specialty food products such as fish and seafood, meat, as well as food and related products through its Broadline activities.
Further information:
| Yanick Blanchard Interim Senior Vice-President and Chief Financial Officer Colabor Group Inc. Tel.: 450-449-4911 ext. 1782 investors@colabor.com |
Danielle Ste-Marie Ste-Marie Strategy and Communications Inc. Investors Relations Tel.: 450-449-0026 ext. 1180 |
Cautionary Statements Regarding Forward-Looking Statements:
This news release contains certain statements that may be deemed to be forward-looking statements reflecting the opinions or current expectations of Colabor Group Inc. relating to future events or future performance including with respect to whether its lenders will continue to forbear from exercising their rights and remedies on expiry of the forbearance agreements and what the terms or timing of such a transaction, such continued forbearance or any long term amendments to the Company’s A&R Credit Facility or IQ Credit Facilities might be. For greater certainty and without limitation, statements regarding the potential impacts of the forbearance agreements, and expectations regarding continued support from the Company’s lenders constitute forward-looking statements. Such statements are subject to risks, uncertainties and assumptions and the analysis of the debt structure and available alternatives, and risks mentioned in the Company’s annual information form found under its profile on SEDAR+ (www.sedarplus.ca). As such, these statements are not guarantees of future performance, and actual results, realities or events may differ materially due to various factors, including, without limitation, general market conditions, the Company’s ability to secure financing in the future, or decisions made by the Company’s lenders. Except as required by law, the Company assumes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions or other factors change.
