Equity partners in Gandi successfully applied to put the company into a CCAA and registered the plan under Chapter 15 in the US on 8 May.

Investor Return on Innovation Capital's CCAA application was granted by the Superior Court of Justice in Ontario and means Gandi Innovations has entered a 'stay' period of restructuring where its creditor obligations are suspended, but it will continue to trade and meet new debt obligations incurred.

In a letter to customers seen by PrintWeek, the company said that it had the support of key suppliers, including printhead manufacturers Fujifilm Dimatix and Spectra.

A spokesperson from Fujifilm said: "Gandi Innovations is and remains a valued customer to Dimatix. We continue to support them as best as possible and want them to be successful."

The court has appointed BDO Dunwoody as 'monitor' during the restructuring process, which has submitted an initial report on the company that includes a 13-week cash flow forecast.

The report claimed: "Gandi has sufficient cash resources to fund operations and meet its interest and principle obligations to the secured lenders."

It also supported Gandi Innovations' bid to extend the 'stay' period to 19 June.

In the monitor's cash flow forecast, Gandi Innovations is predicted to still have CAD$5.47m in cash on 7 August, even without any new sales of presses.

Gandi Innovations was unavailable for comment at the time of writing.