CANADA: Data & Audio-Visual Enterprises Holdings Inc. and its affiliates (collectively, Mobilicity) announced that the Acquisition Plan under the terms of the Interim Order of the Ontario Superior Court of Justice (Commercial List) dated Friday, April 26, 2013 has been approved by the Court.
The TELUS Acquisition Plan was approved by debtholders on Thursday, May 23, 2013 and remains subject to the satisfaction of certain regulatory approvals.
Stewart Lyons, Mobilicity president and COO, said: "The Court approval of the Plan of Arrangement for the TELUS acquisition marks an important milestone for us. We will continue to work with TELUS to expedite the approval process of an acquisition that is in the best interests of our customers, employees and other stakeholders."
With Court approval of the TELUS Acquisition Plan and the positive result of the May 23, 2013 debtholder vote, the TELUS Acquisition Plan remains the best way forward for Mobilicity.