TORONTO, Aug. 7, 2024 /CNW/ - Chesswood Group Limited ("Chesswood") (TSX:CHW) announces that the Company will be unable to meet its filing deadline of August 14, 2024, for its interim condensed consolidated financial statements for the three and six months ended June 30, 2024 and 2023 and management's discussion and analysis ("MD&A") for the corresponding period (collectively, the "Interim Filings"). The Company will not be able to complete the Interim Filings within the time periods required by National Instrument 51-102 – Continuous Disclosure Obligations, primarily due to the Company's determination, as announced on July 22, 2024, that it is required to refile and restate its interim condensed consolidated financial statements for the three months ended March 31, 2024 and 2023 and corresponding MD&A (the "Q1 Filings").The requirement to restate and refile the Q1 Filings is as a result of the Company becoming aware, as  previously announced on June 14, 2024, that after properly adjusting for a system error, the Company was not in compliance with its minimum borrowing base covenants under its syndicated revolving credit facility (the "Credit Facility"), for which the Company has obtained a waiver until September 16, 2024. The Company is also undergoing a review to determine whether a restatement of any of its prior year's financial statements and associated MD&A are also going to be required. In response to the Interim Filings delay, the Company has applied to the Ontario Securities Commission ("OSC") for a management cease trade order ("MCTO") under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203") that will prohibit the management of the Company from trading in the securities of the Company until such time as the Interim Filings are filed. No decision has yet been made by the OSC on this application. The OSC may grant the application and issue the MCTO or it may impose an issuer cease trade order if the Interim Filings are not filed in a timely fashion. The Company is continuing to complete the work necessary to amend and restate ...