Indebted Canadian cellco Mobilicity announced yesterday that it has obtained an order from the Ontario Superior Court of Justice granting a stay extension under its current Companies’ Creditors Arrangement Act (CCAA) proceedings to 26 September 2014. A copy of the order of the Court will be made available on the website of Ernst & Young, the officially appointed monitor, at www.ey.com/ca/mobilicity. The monitor’s seventh report on the company, dated 24 June 2014, is also available on the website. Mobilicity stressed that ‘it continues to be business as usual’ for its customers. The CCAA is a federal law allowing insolvent corporations to restructure their business and financial affairs. The main purpose of the CCAA is to enable financially distressed companies to avoid bankruptcy, foreclosure or seizure of assets while maximising returns for their creditors and preserving both jobs and the company’s value as a functioning business, under court supervision.
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