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.
For details - see PWC.
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MédiaLane Communications Inc.