THETFORD MINES, QC , Aug. 29, 2025 /CNW/ - Mazarin Inc. (" Mazarin " or the " Company ") announced today that its wholly owned subsidiary, Asbestos Corporation Limited (" ACL ") (TSXV: AB.H), 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 .

The ARIO provides for:

• A stay of proceedings against ACL and its insurers until September 5, 2025 , allowing additional time to implement restructuring measures;
  
  
• Approval of interim financing of US$20 million by certain of ACL's insurers, of which approximately US$9.5 million ( CAD$12.9 million ) has been drawn as of June 30, 2025 , primarily to cover professional fees and advisory costs related to ACL's restructuring;
  
  
• Appointment of Raymond Chabot Inc., acting as court-appointed Monitor.

Since the issuance of the ARIO, ACL has made significant progress in its restructuring efforts, including:

• Appointment of a Chief Restructuring Officer (CRO) : Mr. Leslie Lederer was appointed on June 18, 2025 , to support the development and implementation of the claims process and restructuring strategy.
  
  
• Resolution of procedural challenges : ACL and its insurers, with the support of the Monitor, successfully defended a contestation filed by a group of U.S. litigants to certain provisions of the ARIO. An Application for Leave to Appeal the dismissal of the contestation is scheduled to be heard on September 25, 2025 .
  
  
• Progress in U.S. recognition proceedings : On May 6, 2025 , the United States Bankruptcy Court in the Southern District of New York , at the request of the Monitor as foreign representative of ACL, issued a temporary restraining order staying the claims against ACL and its insurers. The Chapter 15 recognition hearing, which deals with cross-border elements of restructurings, is scheduled for September 16, 2025 . The hearing is expected to proceed as planned, despite the pending Application for Leave to Appeal.
  
  
• Preparation of a comprehensive claims process : The parties are actively working to design a  comprehensive and efficient claims process. ACL and its insurers expect to seek approval of a claims bar date order  in due time after the recognition order in the Chapter 15 proceedings.

Mazarin continues to monitor ACL's restructuring proceedings closely.

As disclosed in the Company's unaudited interim financial statements for the quarter ended June 30, 2025 , which are prepared on a consolidated basis with ACL, the Company and ACL recorded a loss primarily attributable to the expenses related to ACL's restructuring proceedings. These restructuring expenses, totaling approximately CAD$5.5 million , were largely composed of professional fees and advisory costs necessary to support 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, which holds a universal security interest over ACL's assets.

Readers are encouraged to consult the full text of all documents for further, more detailed information. Further press releases will be issued as required by law and applicable securities regulations, or as otherwise deemed necessary by the Company or the Court. Documents related to the restructuring process, including the ARIO and the Monitor's reports, will also be made available on the Monitor's website at https://www.raymondchabot.com/en/companies/public-records/asbestos-corporation/ .

Trading of ACL's common shares on the TSX Venture Exchange (the " TSXV ") remains suspended.

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 ACL'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 Mazarin Inc.