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.