Hollinger Inc.

Hollinger Inc.

July 16, 2008 16:36 ET

Hollinger Inc. Resignation of Directors

TORONTO, ONTARIO--(Marketwire - July 16, 2008) - Hollinger Inc. (the "Company") (TSX:HLG.C)(TSX:HLG.PR.B) announced today that its remaining directors, Stanley Beck and David Rattee, have resigned from the Company's board of directors.

The Company and its subsidiaries, Sugra Ltd. and 4322525 Canada Inc. (the "Applicants"), are currently subject to proceedings in Canada under the Companies' Creditors Arrangement Act (Canada) (the "CCAA") and in the United States under Chapter 15 of the U.S. Bankruptcy Code.

Under the terms of an order issued pursuant to proceedings under the CCAA on May 21, 2008 and amended July 3, 2008 (the "Order"), William E. Aziz was appointed Chief Restructuring Officer of the Company pursuant to an agreement between the Company and BlueTree Advisors Inc., a company affiliated with Mr. Aziz. Mr. Aziz will in that capacity assume the responsibilities that would otherwise be carried out by the Company's board of directors, subject to the oversight of Ernst & Young Inc., the court-appointed Monitor, and the CCAA court.

The Order also provided for the Company to conduct a claims process for the Applicants, which the Company will also do for its non-Applicant subsidiaries as part of their winding-up. Also, under the Order, retired justice John D. Ground has been appointed as Litigation Trustee to administer the Company's litigation assets, assisted by an Advisory Committee, and under the supervision of the Monitor and the CCAA court.

This media release contains forward-looking information. The words "anticipates", "believes", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedules", "should", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information reflects management's current beliefs and is based on information currently available to the Company's management. The forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from results anticipated by the forward-looking information. The factors which could cause results or events to differ from current expectations include, but are not limited to: the outcome of litigation, the CCAA process, regulatory and other proceedings; the actions of Canadian securities regulators in response to the Company going into default under its continuous disclosure obligations; and other factors, many of which are beyond the control of the Company. For additional information with respect to the Company's risk factors, reference should be made to the Company's continuous disclosure materials filed with Canadian securities regulatory authorities.

All forward-looking information in this media release is qualified in its entirety by the above cautionary statements and, except as required by law, the Company undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise.

Contact Information

  • Media contact:
    Hollinger Inc.
    William E. Aziz, Chief Restructuring Officer
    (416) 363-8721 ext. 262
    Email: baziz@hollingerinc.com