AldeaVision Solutions Inc. announces approval of its plan of arrangement and reorganization



    
    Symbol:      AVS
    Newspaper:   AVS
    Industry:    Telecommunications
    

    ST-LAURENT, QC, Dec. 21 /CNW Telbec/ - AldeaVision Solutions Inc. (the
"Company") (TSXV: AVS) is pleased to announce that the Quebec Superior Court
(the "Court") approved yesterday the plan of arrangement and reorganization
(the "Plan") under the Companies' Creditors Arrangement Act (Canada) and the
Canada Business Corporations Act (Canada) it submitted yesterday. The Plan
will affect the Company's shareholders, debenture holders and its secured
creditor. Given the prior approval of the Plan by the debenture holders and
the secured creditor, the Court ordered no stay of proceedings and no court
appointed monitor. The Plan does not affect the other creditors of the Company
and its day-to-day business will continue undisturbed.
    The Plan sanctioned yesterday includes, among others, the following
transactions which are scheduled to close on or about January 15, 2008:

    
    - the cancellation and write-off of all issued and outstanding common
      shares of the Company;

    - the cancellation of all issued and outstanding stock options issued
      under the Company's stock option plan and the cancellation of such
      plan;

    - the issuance of 3,570,000 new Class A common shares of the Company to
      certain existing creditors of the Company as described below;

    - the cancellation and discharge of all convertible debentures issued to
      Miralta Capital II Inc., Almiria Capital Corp. ("Almiria") and GTR
      Capital Inc. without any payment or other consideration;

    - the cancellation and discharge of all convertible debentures issued to
      Capital Régional et Coopératif Desjardins and Desjardins Capital de
      Développement Montréal Ouest et Nord du Québec Inc. (collectively,
      "Desjardins") in exchange for 170,000 Class A common shares;

    - the granting to Desjardins of an option to subscribe an additional
      200,000 Class A common shares at a price of $1.00 per share which
      option is set to expire on the later of: (i) 90 days following the
      closing date of the Plan; or (ii) April 30, 2008;

    - the cancellation and discharge of the $900,000 short-term credit
      facility granted by Almiria to the Company in exchange for
      900,000 Class A common shares;

    - the cancellation and discharge of all other remaining debt in the
      aggregate amount of $3 750 000 owed by the Company to Almiria in
      exchange for 2,000,000 Class A common shares; and

    - the subscription by Almiria of 500,000 Class A common shares for an
      aggregate subscription price of $500,000.
    

    The Court Order issued yesterday has the effect of revoking the reporting
issuer status of the Company in all Canadian jurisdictions where it currently
had such status. The Order also cancels any cease-trade orders issued by any
Canadian securities regulatory authorities on the securities of the Company.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    About AldeaVision Solutions Inc. (www.aldeavision.com)
    ------------------------------------------------------

    Montreal-based AldeaVision Solutions Inc. is an innovative provider of
broadcast quality video services and solutions for the television, film and
media industries. The Company provides end-to-end worldwide transmissions
services using fiber and satellite facilities. The Company also operates the
first pan-American fully automated fiber-based network for broadcast services
with points-of-service in 16 cities and 9 countries: Miami, New York,
Washington D.C, Los Angeles, Boston, Toronto, Montreal, Mexico City,
Guadalajara (Mexico), Lima (Peru), Rio de Janeiro (Brazil), Sao Paulo
(Brazil), Santiago (Chile), Buenos Aires (Argentina), Bogota, (Colombia), and
Madrid (Spain).
    AldeaVision Solutions Inc. is currently listed on the TSX Venture
Exchange under the symbol AVS. Additional information is available at
www.aldeavision.com.




For further information:

For further information: Morrie Glick, Chief Financial Officer &
Vice-President, Finance, AldeaVision Solutions Inc., (514) 344-5432, Fax:
(514) 344-5439, morrie.j.glick@aldeavision.com

Organization Profile

ALDEAVISION INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890