Deloitte & Touche Resigns as Auditors of Philip Services.HAMILTON, ONTARIO--(BUSINESS WIRE)--Dec. 9, 1999-- Philip Services Corp. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :PHV PHV Plug-in Hybrid Vehicle PHV Peak Height Velocity PHV Peak Hour Volume (traffic & transportation engineering) PHV Protocol Handler (CDMA voice) PHV Protocol Handler for Voice .) (ME:PHV.) today announced that in response to the Company's request, Deloitte & Touche LLP LLP - Lower Layer Protocol ("Deloitte") has resigned as auditors of the Company. Deloitte resigned because they are no longer independent as a result of their objection to Philip's Plan of Reorganization, which has been approved under the Companies Creditors' Arrangement Act. The Plan of Reorganization contains provisions with respect to the settlement of claims against Philip that put Deloitte and Philip in an adversarial ad·ver·sar·i·al adj. Relating to or characteristic of an adversary; involving antagonistic elements: "the chasm between management and labor in this country, an often needlessly adversarial . . . position and impedes Deloitte's independence. Philip is in the process of selecting another auditing firm and expects to appoint a new auditor shortly. Philip Services is an integrated metals recovery and industrial services company with operations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and Europe. Philip provides diversified metals services, together with by-products management and recovery services, to all major industry sectors. |
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