UBS.H BIGGEST NEWS RELEASE OF THE DAY - UBS discharged !!! UBS discharged from CCAA proceedings
2015-03-02 17:24 ET - News Release
Mr. Grant McCutcheon reports
UBS PROVIDES UPDATE ON CCAA PROCEEDINGS
Unique Broadband Systems Inc. on Feb. 26, 2015, received from the Ontario Superior Court an order to facilitate the company's orderly exit from the companies' Creditors Arrangement Act (CCAA) proceedings that were commenced in July, 2011. That order provides for, among other things, the extension of the stay of proceeding imposed in July, 2011, for a period of time to permit UBS to convene a meeting of its shareholders for the purpose of voting on shareholder proposals, including with respect to the election of a new board of directors. A shareholders meeting has been called for May 4, 2015 and a record date has been set for March 25, 2015. Additional information in respect of the meeting will be provided in the normal course.
UBS has settled all of the claims made against it in the CCAA proceedings. This includes the release of $544,593 of claims made in respect of the remaining 2009 restructuring awards, inclusive of related interest, and all indemnity claims made by the previous directors of UBS. All other creditors will be paid 100 per cent of their allowed claims and UBS will recover $50,000 in advances made to a former director.
A copy of the order and other related information can be found on the monitor's website under the UBS link.