EDMONTON, April 16, 2018 /CNW/ - Allarco Entertainment 2008 and Allarco Entertainment Limited Partnership (Allarco) announced today that it has successfully emerged from creditor protection, having been issued its Certificate of Plan Completion from the Court of Queen's Bench of Alberta (the Court) on April 5, 2018.
In May 2016, the company sought creditor protection under the Companies' Creditors Arrangement Act (CCAA) in an effort to facilitate a restructuring and refinancing of its business operations. Since that time, Allarco has continued to operate under CCAA protection, supervised by the Court appointed monitor PricewaterhouseCoopers Inc. (the Monitor). On December 13, 2017 a formal plan of arrangement or compromise (the Plan) was filed with the assistance of the Monitor.
A meeting of the affected creditors was held on January 24, 2018 where 78 creditors voted in favour for the Plan by a margin of 77-1. The Court approved and issued the sanction order to proceed with the Plan on February 16, 2018.
With the issuance of the Monitor's Certificate of Plan Completion effective April 5, 2018, the CCAA proceedings have been completed in accordance with the Orders of the Court and under the supervision of the Monitor.
"I wish to thank our creditors sincerely for their patience and support as we worked through the CCAA process to achieve this goal," said Don McDonald President & CEO of Super Channel. "We had to make some very difficult decisions to ensure survival of the business and for the company to remain an active participant in the Canadian broadcast industry."
Enquiries may be directed to the Monitor at:
PricewaterhouseCoopers Inc. Suite 1501- 10088 102 Street Edmonton, Alberta Telephone: (780) 441-6738 Attention: Mr. Sean Fleming
A copy of the Monitor's Certificate and related Court documents can be found on the Monitor's website at www.pwc.com/ca/allarco.
About Super Channel
Super Channel is a national premium pay television network, consisting of four HD channels, four SD channels, and Super Channel On Demand.
Super Channel's mission is to entertain and engage Canadian audiences by providing a unique and exclusive entertainment experience. With a core foundation of integrity and accountability, we dedicate ourselves to implementing innovative programming strategies and unparalleled team work that provides viewers with exceptional value and variety.
Super Channel is owned by Allarco Entertainment 2008 Inc., an Edmonton-based media company.