Ascalade Communications Inc.

Ascalade Communications Inc.

December 09, 2009 19:20 ET

Ascalade Announces Return of Capital to Shareholders

VANCOUVER, BRITISH COLUMBIA--(Marketwire – Dec. 9, 2009) - Ascalade Communications Inc. (the "Company") announces that a return of capital in the amount of Cdn $0.159 per common share will be payable on December 22, 2009 to all shareholders of record as of December 8, 2009. All assets of the Company have been realized upon and these proceeds are being disbursed to the shareholders as a return of capital.

The Company is subject to proceedings under the Companies' Creditors Arrangement Act (the "CCAA"). To facilitate the realization of the Company's assets and the winding-up of the Company and its business, on March 3, 2008 Deloitte & Touche Inc. was appointed Monitor of the Company pursuant to the Company's CCAA filing. In June 2008 the Company's Plan of Compromise or Arrangement (the "Plan") was presented to the Company's creditors, who voted in favour of accepting the Plan. As a result of the creditors' acceptance of the Plan, a court order was obtained on June 26, 2008 whereby the Supreme Court of British Columbia (the "BC Court") sanctioned the approval of the Plan. Pursuant to the Plan, on December 3, 2009 payment of 100% of all proven creditor's claims had been made by the monitor. The Monitor proposes obtaining an Order of the B.C. Supreme Court on or about December 22, 2009 authorizing it to distribute the remaining cash resulting from the sale of the assets of the Company, to the Shareholders, passing its accounts and obtaining its discharge. On December 8, 2009 the Monitor obtained a court order permitting the Monitor to serve all interested parties with notice of the proposed distribution and finalization of these proceedings by serving all parties who had filed appearances in the CCAA Proceedings or by filing this press release and posting all supporting materials in respect of the proposed distribution and finalization on the Monitor's website which is: http://www.deloitte.com/ca/ascalade.

Contact Information

  • Deloitte
    Bernie Batt
    604-640-3044