From a media release:
Allarco Entertainment 2008 and Allarco Entertainment Limited Partnership (Allarco) announced today that it has successfully emerged from creditor protection, having been issued its Certificate of Plan Completion from the Court of Queen’s Bench of Alberta (the Court) on April 5, 2018.
In May 2016, the company sought creditor protection under the Companies’ Creditors Arrangement Act (CCAA) in an effort to facilitate a restructuring and refinancing of its business operations. Since that time, Allarco has continued to operate under CCAA protection, supervised by the Court appointed monitor PricewaterhouseCoopers Inc. (the Monitor). On December 13, 2017 a formal plan of arrangement or compromise (the Plan) was filed with the assistance of the Monitor.
A meeting of the affected creditors was held on January 24, 2018 where 78 creditors voted in favour for the Plan by a margin of 77-1. The Court approved and issued the sanction order to proceed with the Plan on February 16, 2018.
With the issuance of the Monitor’s Certificate of Plan Completion effective April 5, 2018, the CCAA proceedings have been completed in accordance with the Orders of the Court and under the supervision of the Monitor.
“I wish to thank our creditors sincerely for their patience and support as we worked through the CCAA process to achieve this goal,” said Don McDonald President & CEO of Super Channel. “We had to make some very difficult decisions to ensure survival of the business and for the company to remain an active participant in the Canadian broadcast industry.”
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