The extension of the Companies' Creditors Arrangement Act (CCAA) order, which protects the company from its debtors while it restructures, includes a CAD$4m payment (£2.21m) to the State Bank of India (Canada).
The court document also gives the appointed monitor during the process the rights to request that a sale process be started to sell off the businesses and assets as a going concern. A court approval enabling the selling of the companies was registered 26 June.
An endorsement filed at the same time as the extension and recommended that "it is both necessary and desirable for the sale process to move forward".
A spokesperson for the company confirmed: "There is a potential sale for the company, although this is a little more [complicated] that other filings because we have a partnership with the investment company TA. We will still be Gandinnovations, but we are trying to move forward with another partner as it would be better for both Gandinnovations and TA and hopefully both parties can be happy."
He said that such an eventuality would be unlikely to impact sales or service to customers.
The Canadian company entered creditor protection 8 May 2009.
Gandi extends bankruptcy protection - considers sale
Grand format specialist Gandi Innovations and its associated companies have extended the period under which it has creditor protection until 8 October and is looking at the possibility of a sale.
