Hollinger Inc.

Hollinger Inc.

October 06, 2010 16:48 ET

Hollinger Inc.: Settlement of Claims Against KPMG LLP

TORONTO, ONTARIO--(Marketwire - Oct. 6, 2010) - The Litigation Trustee of Hollinger Inc. ("Hollinger") announced today that he has entered into a settlement agreement with KPMG LLP to resolve all claims against Hollinger's former advisor advanced by the Litigation Trustee on behalf of Hollinger. The settlement entails no admission of liability on the part of KPMG LLP. The terms of the settlement include releases in favour of KPMG LLP from Hollinger and its subsidiaries, as well as from third parties involved in related Hollinger litigation. The settlement and the releases are subject to court approval, which will be sought on notice to other affected parties. The rest of the terms of the settlement agreement are confidential.

Hollinger previously issued a news release on July 15, 2010 regarding the settlement agreement entered into with Torys LLP.

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

The securities of Hollinger are subject to a cease trade order issued by the Ontario Securities Commission on July 23, 2008. Hollinger's common shares and Series II preference shares were delisted from the Toronto Stock Exchange on August 22, 2008.

Contact Information

  • Media contact:
    Hollinger Inc.
    William E. Aziz
    Chief Restructuring Officer