Dismissed .....BCE plan of arrangement approved - Debenture holders' lawsuits dismissed
MONTREAL, Quebec, March 7 /CNW Telbec/ - BCE Inc. (TSX, NYSE: BCE) today
announced that the Québec Superior Court has approved BCE's plan of
arrangement for the company's privatization transaction and dismissed all
claims asserted by or on behalf of certain holders of Bell Canada debentures.
"We are very pleased with the Superior Court's decisions. On every point
of contention, the Court ruled in favour of BCE," said Martine Turcotte, Chief
Legal Officer of BCE and Bell Canada. "The Court's decisions affirm our
long-standing position that the claims of these debentureholders are without
merit and that BCE acted in accordance with its rights and obligations with
respect to the debentureholders. We now look forward to closing the
privatization transaction with the investor group led by Teachers' Private
Capital, the private investment arm of the Ontario Teachers' Pension Plan,
Providence Equity Partners, Madison Dearborn Partners, and Merrill Lynch
Global Private Equity," added Martine Turcotte.
The remaining conditions to the closing of the privatization transaction
include the required approvals of the Canadian Radio-television and
Telecommunications Commission and Industry Canada. Subject to any appeal by
the debentureholders and the timing and terms of such an appeal, BCE expects
the transaction to close in the first part of the second quarter of 2008.
In the event the debentureholders decide to appeal the Québec Superior
Court's judgments, they have agreed the appeal must be filed with the Québec
Court of Appeal by March 17, 2008.