TORONTO, March 7, 2013 /CNW/ - MNP Ltd. (the "Trustee"), in its capacity as trustee of the bankruptcy estate of Greenstone
Resources Ltd. (the "Company") and not in its personal capacity, today confirmed that:
(a) On January 30, 2007, the Ontario Superior Court of Justice
(Commercial List) granted an order (the "Order") in connection with the reorganization of the Company pursuant to the Companies' Creditors Arrangement Act (Canada) and Canada Business Corporations Act (Canada). The Order, among other things, sanctioned and approved the
Amended Consolidated Plan of Arrangement of the Company dated January
25, 2007 (the "Plan").
(b) The implementation of the Plan is conditional upon certain
conditions precedent, including the lifting by applicable securities
regulatory authorities of applicable cease trade orders.
(c) To date, the cease trade orders have not been lifted.
(d) On June 19, 2012, the Trustee was advised by Brookfield Holdings
Canada Inc., ("Brookfield") on behalf of its indirect wholly owned subsidiary Brookfield Holdings
Canada Inc., that Brookfield is withdrawing from the efforts to
complete the Plan.
The Trustee has confirmed that, in accordance with Section 8.1 of the
Plan, and based upon the inability to satisfy the conditions precedent
set out in Section 6.4 of the Plan, the Trustee has determined not to
proceed with the Plan.
The Trustee intends to apply to Court for an order providing, among
other things: (i) that the Plan is of no further force and effect; and
(ii) for the continuation of the Company's bankruptcy proceedings.
SOURCE: Greenstone Resources Ltd.
For further information:
please contact Sheldon Title of MNP Ltd. at (416) 416-263-6945.