Cabletel Provides Update on Status of Sale of Its Remaining Business and Reorganization Plans.MARKHAM, Ontario Markham (2006 Population 261,573[0]) is located in York Region, directly north of Toronto, and is part of Toronto's CMA. It is larger than many Canadian cities. Despite its qualifications regarding population, it has not had the title of city conferred upon it by the -- Cabletel Communications Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :TTV TTV Transfusion Transmitted Virus TTV Total Thickness Variation (semiconductor wafer planarity) TTV TechTV TTV Total Transaction Value TTV Tapping the Vein (band) TTV Target Test Vehicle ) (PINK SHEETS:CCMTF), announced that it anticipates consummating its previously announced sale of its Manufacturing Segment to Dynaflex, Inc. on or about June 30, 2004. The purchase price is expected to be approximately US $1.2 million, subject to a working capital adjustment. If consummated, the sale will result in the disposition by the Company of its last remaining operating business. On June 9, 2004, the Company filed a Notice of Intention to make a proposal to its creditors under the Bankruptcy & Insolvency Act (Canada) ("BIA BIA abbr. Bureau of Indian Affairs "). As a result of the Company's BIA filing, the Company has 30 days from the date of that filing (subject to court approved extensions if sought) to develop a plan of reorganization to propose to its creditors. In order to protect stakeholder interests in connection with the proposed sale, on June 18, 2004, PricewaterhouseCoopers Inc. was appointed as interim receiver for the sole purposes of adopting and completing the sale of the Manufacturing Segment to Dynaflex. On June 18, 2004, the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. also authorized the completion of that transaction by the interim receiver and vested, in favor of the purchaser, upon the closing of the transaction, all rights of the Company. In addition, the court has authorized the Company to use the proceeds from the sale to repay its secured indebtedness and use the balance of the proceeds and its residual assets Residual assets Assets that remain after sufficient assets are dedicated to meet all senior debtholders' claims in full. to make a proposal to its creditors to restructure the Company. The Company is currently in the process of preparing such a proposal. This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including its current restructuring plans and liquidity crisis. |
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