Allarco Entertainment 2008 (Super Channel) plan meets creditors approval
EDMONTON, Aug. 31
EDMONTON, Aug. 31 /CNW/ - Allarco Entertainment 2008 Inc. (Super
Channel) is pleased to announce that today's vote of its creditors
unanimously approved a plan of compromise and arrangement under
Companies' Creditors Arrangement Act.
This Friday Sept. 3, Allarco will appear in court to have the plan of
arrangement sanctioned by the court.
CCAA is a statute in Canadian law that governs the reorganization of
businesses. It affords businesses time to restructure and reorganize
debts. Many major companies have undergone reorganization under this
statute and emerged successfully. Allarco Entertainment 2008 Inc. has
been in CCAA since June 2009 and expects it will be finished
restructuring by the end of September.