06:44 AM EDT, 05/21/2024 (MT Newswires) -- IntelGenx ( IGXT ) over the holiday weekend said that it secured an initial order from the Quebec Superior Court (Commercial Division) granting protection to the company and its subsidiaries under the Companies' Creditors Arrangement Act.

The protection will provide the company with time to implement a strategic review process under its board oversight and with the advice of professional advisers.

Additionally, IntelGenx ( IGXT ) plans to seek court approval for a formal sale and investment solicitation process intended to generate interest in either the business or the assets of IntelGenx ( IGXT ), or a recapitalization of IntelGenx ( IGXT ).

The initial order provides a stay of creditor claims and exercise of contractual rights to provide the company time to implement its strategic review process.

Additionally, the initial order authorizes interim debtor-in-possession financing to allow the company to continue its operations during the restructuring process and implement the necessary restructuring measures.

Trading of the company's stock on the Toronto Stock Exchange has been halted until the TSX reviews the suitability of the company for listing on the exchange.