GS Dunn in Creditor Protection

VANCOUVER - Oct 26/05 - SNS -- G.S. Dunn & Co. Limited has been granted protection under Canada's Companies' Creditors Arrangement Act (CCAA) in an effort to prevent from the company from entering bankruptcy.

Founded in 1867, G.S. Dunn is Canada's only dry mustard miller, selling mustard flours, ground mustards, brans and deactivated mustard. The accounting firm, Grant Thornton Limited, has been appointed as the monitor in the case.

Under the court order, no creditors can bring any action against G.S. Dunn until at least November 17. That date may be extended by the court, presumably under an application by the company to seek more time to bring its financial affairs in order.

Significantly, the court said all companies which have oral or written contracts with G.S. Dunn are "restrained from accelerating, terminating, suspending, modifying or cancelling any such agreements, arrangements or supply of goods and services or pursing any rights or remedies thereunder or in respect thereof without the prior written consent of the (G.S. Dunn) and concurrence of (Grant Thornton Limited). . . "

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