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Winnipeg Free Press - ONLINE EDITION
Arctic Glacier to remain in Winnipeg after company's sale
After being bought by U.S. hedge fund H.I.G.N., Arctic Glacier's head office will remain in Winnipeg. (WAYNE GLOWACKI / WINNIPEG FREE PRESS ARCHIVES) Photo Store
H.I.G.N., the U.S. hedge fund buying the assets of Artcic Glacier, is paying $434.5 million for the Winnipeg ice company.
The deal is expected to close July 31.
As previously disclosed, on closing, all of the employees of Arctic Glacier will be offered employment and the company's head office will remain in Winnipeg It is expected that the net proceeds of the sale will be sufficient to pay all the company's remaining creditors and there will likely be enough for a distribution to shareholders.
Over-the-counter trading in Arctic shares have exploded since details started leaking out two days ago.
On Tuesday, shares closed at 3.5 cents. This morning they are trading at 20 cents on very large volumes.
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