THETFORD MINES, QC, Nov. 25, 2025 /CNW/ - Asbestos Corporation Limited ("ACL" or the "Company") (TSXV: AB.H) announced today that it continues to advance its restructuring efforts under the Companies' Creditors Arrangement Act ("CCAA"), following the issuance of an initial order on May 6, 2025 and of an Amended and Restated Initial Order ("ARIO") by the Superior Court of Québec (Commercial Division) (the "Court") on May 15, 2025.

Since the month of August, the Company has achieved significant milestones in its restructuring efforts, including:

   -- Second Amended and Restated Initial Order: On September 4, 2025, the 
      Court issued a Second Amended and Restated Initial Order extending the 
      stay of proceedings against ACL until December 15, 2025. This extension 
      provides ACL with additional time to advance its restructuring 
      initiatives in an orderly manner, in collaboration with Raymond Chabot 
      Inc., the court-appointed Monitor, and under the Court's supervision. 
 
   -- Recognition in U.S. Chapter 15 Proceedings: On October 30, 2025, the 
      United States Bankruptcy Court for the Southern District of New York 
      issued a Recognition Order in the proceedings under Chapter 15 of the 
      Bankruptcy Code, confirming recognition of the Canadian CCAA proceedings 
      as "foreign main proceedings". This recognition ensures the stability of 
      ACL's cross-border restructuring process. Certain parties in the United 
      States have appealed the Recognition Order and the Company intends to 
      contest such appeal. 

ACL is continuing to work on a comprehensive claims process and expects to seek approval of a claims bar date order in the near term. The Company is continuing to work closely with the Monitor to ensure transparency and fairness throughout the process.

As disclosed in the Company's unaudited financial statements for the quarter ended September 30, 2025, which are prepared on a consolidated basis with ACL's primary shareholder, Mazarin Inc., ACL recorded a loss primarily attributable to the professional and advisory fees incurred in the CCAA proceedings. ACL financed these costs through the interim financing from certain of its insurers approved by the Court as part of ACL's CCAA proceedings. These expenditures, while significant, are considered essential to advancing the restructuring process and preserving long-term value for stakeholders. The repayment of the interim financing is secured by a super-priority charge on ACL's assets. This charge ranks after that of Mazarin Inc., which holds a universal security interest over ACL's assets.

Documents related to the restructuring process, including the ARIO and the Monitor's reports, are available on the Monitor's website: https://www.raymondchabot.com/en/companies/public-records/asbestos-corporation/

Trading of ACL's common shares on the TSX Venture Exchange remains suspended.

About Asbestos Corporation Limited

Asbestos Corporation Limited is a natural resource company focusing on the development of industrial minerals to provide value-added products that meet customers' performance, economic, and ecological criteria worldwide. Asbestos Corporation Limited's shares trade on the NEX Board of the TSX Venture Exchange under the stock symbol AB.H.

Forward-Looking Information and Statements

This press release contains forward-looking statements that address future events and conditions, subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements due to numerous factors, some of which may be beyond the Company's control. These factors include general market and industry conditions, risks related to commissioning, continuous operations, commercialization of new technologies, the status and success of the Company`s restructuring and financing efforts and other risks disclosed in the Company's filings with Canadian Securities Administrators.

Forward-looking statements are based on the expectations and opinions of the Company's management as of the date of this press release. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. As such, undue reliance should not be placed on forward-looking statements. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Asbestos Corporation Limited

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(END) Dow Jones Newswires

November 25, 2025 18:22 ET (23:22 GMT)