BCE: Oct. 10 for privatization hearingHello everyone,
BCE to go to court on Oct. 10 for privatization hearing
2007-10-05 16:18 ET - News Release
Mr. Pierre Leclerc reports
BCE ANNOUNCES COURT SCHEDULE FOR PROCEEDINGS RELATED TO PROPOSED PRIVATIZATION
BCE Inc. has released the schedule for legal proceedings related to the privatization of BCE by a consortium led by Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, Providence Equity Partners Inc. and Madison Dearborn Partners, LLC. As a result, the purpose of the hearing before the Superior Court of Quebec on Oct. 10, 2007, will be to address certain administrative matters.
"This schedule will allow for the expeditious resolution of these proceedings," said Michel Lalande, senior vice-president and general counsel of BCE. He added, "The company continues to work towards and expects the transaction to close in the first quarter of 2008, subject to customary conditions, including regulatory approvals." The plan of arrangement was overwhelmingly approved by the shareholders of BCE on Sept. 21, 2007.
The only parties contesting the granting of a final order approving the plan of arrangement are certain holders of debentures issued by Bell Canada (acting or purporting to act, directly or through trustees under trust indentures).
As previously indicated, BCE is of the view that the basis on which these holders of debentures intend to contest the proposed transactions (including the plan of arrangement) are without merit and will take all necessary steps to vigorously defend its position to the fullest extent possible. BCE will also assert that the holders of debentures of Bell Canada and the trustees do not have standing to contest the granting of the final order.
The schedule approved by the court provides that:
* All proceedings by the holders of debentures or the trustees relating to the proposed transactions (including the plan of arrangement) must be filed no later than Oct. 19, 2007;
* All proceedings relating to the proposed transactions (including the plan of arrangement) will be heard by the Superior Court of Quebec, sitting in the district of Montreal, during the week of Dec. 3, 2007, at which time all evidence will be presented to the court, with final legal arguments to be heard during the week of Jan. 8, 2008.
The court has indicated to the parties that it expects to be able to render a decision regarding all proceedings before the end of January, 2008.
We seek Safe Harbor.
GLTA,
I_luv_GVG