MONTREAL, Jan. 27 /CNW Telbec/ - The creditors' assembly of Attractions Hippiques rejected this morning the proposal made on December 4, 2009 as part of the company's initiatives to avoid bankruptcy.
The three main creditors, namely Loto-Québec, SONACC and the City of Quebec, having rejected Attractions Hippiques' proposal, the company is now considered bankrupted.
According to the law, 50% of creditors representing two thirds of the sums owed by the company needed to grant their assent in order for the proposal to be accepted. Senator Paul Massicotte has also reiterated its intention to file legal pursuits against Loto-Québec and the Société des loteries du Québec according to the formal notice served to these parties on November 25, 2009.
The rejection of the proposal however deprives ordinary creditors of any potential gain that could be obtained if a decision favorable to Senator Massicotte were rendered by the Court.
SOURCE ATTRACTIONS HIPPIQUES
For further information: For further information: Robert Lupien, (514) 845-2257 x. 4233; Source: Attractions Hippiques