SRX Post Holdings Inc.
TSX : SRX

October 16, 2008 16:55 ET

SRX Creditors Approve Plan of Compromise and Reorganization

MONTREAL, QUEBEC--(Marketwire - Oct. 16, 2008) - SRX Post Holdings Inc. (TSX:SRX) ("SRX" or the "Company") announced today that the requisite majority of creditors of SRX has approved SRX's amended plan of compromise and reorganization (the "Plan") previously filed with RSM Richter Inc., the court appointed monitor in SRX's proceedings under the Companies' Creditors Arrangement Act. SRX will seek a court order approving the plan on or about October 20th, 2008. If approved by the court, the Plan will be binding on all creditors of SRX subject thereto. A copy of the Plan and related documents are available on RSM Richter's website at www.rsmrichter.com.

About SRX Post-Holdings Inc.

The Company has been operating under the protection of the Companies' Creditors Arrangement Act (CCAA) since November 19, 2007. On August 14, 2008, the protection was extended to December 19, 2008.

On March 24, 2008, the Company entered into a definitive agreement with Lagasse Communications & Industries Inc. (Groupe Lagasse) to sell all of its property and assets related to the WiMAX business and symmetry™ line of products. The transaction closed on April 4, 2008 and the Company received cash proceeds of $6.05 million before transaction costs of $1.49 million. Following the sale of substantially all of its assets to Groupe Lagasse, the Company ceased operations and continues to pursue the monetization of its remaining assets.

Contact Information

  • SRX Post Holdings Inc.
    Marc Girard
    Senior Vice President and CFO
    514-335-2429, Ext. 4690