RE: what is happening you ask ?
----------Original Message Posted 7/14/2008----------
----------Original Message Posted 7/5/2008 3:17:33 PM----------
Still working on selling the company, in whole or in pieces.
There should be some developments in the next few weeks, hopefully.
Bertrand
Mistral receives extension for creditor proposal
2008-07-14 16:42 ET - News Release
Mr. Bertrand Bolduc reports
MISTRAL PHARMA OBTAINS AN EXTENSION TO MAKE ITS PROPOSAL UNDER THE BANKRUPTCY AND INSOLVENCY ACT
The Superior Court of Quebec has granted a motion to extend the delay to file a proposal under the Bankruptcy and Insolvency Act, giving Mistral Pharma Inc. until Aug. 25, 2008, to make a proposal to its creditors. This extension will help the corporation to pursue continuing negotiations concerning potential offers for its business and assets, and likely put forth a viable proposal to its creditors.
The corporation has retained the firm of Demers Beaulne to act as trustee to the proposal.
The corporation's creditors will be able to vote on the proposal at a meeting to be called within 21 days of the proposal's filing. If accepted by the creditors and ratified by the court, the proposal is binding on all creditors. In order to be accepted, the corporation's proposal will need to be approved by creditors representing the majority in number and at least 66.66 per cent in value of the corporation's debt.
Pending the filing of the proposal, all claims of the corporation's creditors against the corporation are stayed.
We seek Safe Harbor.