Business Services Industry
Microcell Granted Extension of Court Order
Business Wire, Jan 31, 2003
Business Editors & High Tech Writers
MONTREAL--(BUSINESS WIRE)--Jan. 31, 2003
Microcell Telecommunications Inc. (TSX:MTI.B) today announced that the Superior Court of the Province of Quebec has extended to March 31, 2003 the stay of proceedings period initially obtained by the Company on January 3, 2003 pursuant to a Court Order issued under the Companies' Creditors Arrangement Act. The January 3 Court Order provided for an initial stay of proceedings period of 30 days.
The Company intends to continue conducting its operations in its usual fashion during this period, providing normal service to its customers and paying suppliers for all goods and services in the ordinary course of business.
The Company expects to finalize its Information Circular and Proxy Statement, which will set out in detail the terms of the recapitalization plan negotiated with its secured lenders and unsecured noteholders, by mid-February.
About the Company
Microcell Telecommunications Inc. is a major provider of telecommunications services in Canada dedicated solely to wireless. The Company offers a wide range of voice and high-speed data communications products and services to more than 1.2 million customers. Microcell operates a GSM network across Canada and markets Personal Communications Services (PCS) and General Packet Radio Service (GPRS) under the Fido(R) brand name. Microcell Telecommunications has been a public company since October 15, 1997, and is listed on the Toronto Stock Exchange under the stock symbol MTI.B.
Fido is a registered trademark of Microcell Solutions Inc.
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