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Court Orders
Monitor's Reports
Plan of Compromise and Reorganization
Meeting and Claims Materials – Known Trade Creditors
Meeting and Claims Materials – Registered Noteholders
Meeting and Claims Materials – Unregistered Noteholders
Meeting and Claims Materials – Other Affected Creditors
Meeting and Claims Materials – Notice of Dispute of Revision or Disallowance
Sanction Motion
Sanction Order
VICWEST CORPORATION Restructuring
Ontario, July 2, 2003 – VICWEST CORPORATION (the “Company”) today received an order (“Meeting and Claims Order”), which sets out a procedure for claims of the Company (“Claims Procedure”), from the Ontario Superior Court of Justice (the “Ontario Court”) under the Companies’ Creditors Arrangement Act (“CCAA”). The Company has filed a Plan of Reorganization and Compromise (the “Plan”) with the Ontario Court. Unless otherwise defined, capitalized terms have the meaning ascribed to them in the Claims Procedure.
Terms of the Plan should be reviewed in their entirety, however, salient terms include, all Affected Creditors shall constitute a single class under the Plan and subject to cash payments to certain creditors, there will be a conversion of debt related to Affected Claims to New Common Shares, on a pro rata basis. Affected Creditors can elect to receive cash rather than shares by sending an Election to Receive Cash to the Monitor by the Election Date, being July 31, 2003. The cash payment is calculated at 35% of the lesser of: (i) $2,000 and (ii) their Affected Claim. Deloitte & Touche Inc. (the “Monitor”), pursuant to the Meetings and Claims Order, will mail Meeting and Claims Materials to various creditors that are affected by the Plan by July 4, 2003. The Meeting and Claims Materials have been posted to this website.
The Meeting and Claims Order and Claims Procedure sets out the holding of, and the manner of notice for and conduct at, a meeting of Affected Creditors of the Company scheduled to be held at 10:00 a.m. (Toronto time) on August 1, 2003 at the Metro Toronto Convention Centre, Room 205B, 255 Front Street West, North Building, Toronto, Ontario (the “Meeting”).
Key Dates and Deadlines as set out in the Meeting and Claims Order are as follows: May 12 – CCAA Filing date and date for valuing claims; USD rate 1.3887
July 2 – Date of Plan and Meeting and Claims Order
July 4 – Notice in Globe and Mail and La Presse
July 25 – Claims Bar Date for all Affected Creditors and deadline for Notice of Dispute of Claim for Known Trade Creditors
July 30 – Date for returning proxies to Monitor to enable creditor to vote at Meeting –Affected Creditors’ Proxy and Unregistered Noteholders’ Proxy
July 31 – Election Date – deadline for Election to Receive Cash
August 1 – Meeting of Creditors to Vote on Plan
August 12 – Meeting and Claims Materials – Notice of Dispute of Revision or Disallowance
August 12 – Sanction Motion
The Company previously received a Stay Order from the Ontario Court on May 12th, 2003 and has received a number of orders extending the stay of proceedings, including an order dated July 2, 2003, which extends the stay until August 12, 2003. As previously described in notices and this site, during the stay of proceedings creditors or other parties are prevented from terminating, suspending or modifying contracts or arrangements with the Company. August 15 - Vicwest implements its plan of compromise and reorganization and successfully completes its restructuring under the Companies' Creditors Arrangement Act (CCAA).
Additional Information If you wish to be contacted directly, please provide us with the following information: Please send your information to vicwest@deloitte.ca or alternatively call 1-877-877-1263. We will try our best to respond to your enquiry within a 48-hour period during regular business hours. However, due to volume, this response time may be longer. Media inquiries should be directed to Jacqui d'Eon, Chief Communications Officer, Deloitte & Touche at 416-874-3670. For additional information on CCAA filing, please click here.
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