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Financial troubles continue for Arctic Glacier

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WINNIPEG — The financially-troubled Arctic Glacier Income Fund has reported substantial net losses for the final quarter of 2011 and for the year as a whole.

The Winnipeg-based packaged ice company announced today that it recorded a net loss of $54.7 million, of 16 cents, for the fourth quarter of last year, and a net loss of $84.9 million, or 50 cents per unit, for the full 12 months of 2011.

That compared to a net loss of $22.1 million, or 57 cents per unit in the final three months of 2010, and a net loss of $82.7 million, or $2.12 per unit for all of 2010.

The company said the big different in per-unit results between the fourth quarter of last year and the final quarter of 2010 was partly due to there being a higher number of units outstanding in the final quarter of last year because of a debenture conversion earlier in the year.

Arctic Glacier has been rocked in the last couple of years by a prolonged antitrust investigation in the United States and by related civil litigation on both sides of the border.

After exhausting all of its options to refinance the company over the past year, a liquidity crisis forced Arctic Glacier to seek protection from the Canadian and U.S. courts last month until it can complete a court-supervised recapitalization of its business under the companies’ Creditors Arrangement Act (CCAA).

That process includes seeking a buyer for the company. In the meantime, an additional $50 million was made available to enable it to continue operating as a going concern and to continue paying its suppliers.

All current litigation against the company also was stayed until it emerges from CCAA protection.

murray.mcneill@freepress.mb.ca

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