Yellow Media - Opposition Of Convertible Debentureholders To Proposed Plan Of Arrangement
MONTREAL, Aug. 3, 2012 /CNW Telbec/ - Fishman Flanz Meland Paquin LLP (" FFMP") announced today the formation of an Ad Hoc Committee (the " Committee") of holders of 6.25% Convertible Unsecured Subordinated Debentures (the " Convertible Debentures") issued by Yellow Media Inc. (the " Company"). The Committee consists of numerous retail and institutional holders of the Convertible Debentures.
The Committee does not believe that the plan of arrangement of the Company proposed on July 23, 2012, pursuant to the Canada Business Corporations Act (the " Proposed Plan") is in the best interests of the holders of Convertible Debentures or of the other stakeholders of the Company. The Committee further takes issue with the manner in which the Proposed Plan was put forward, its unreasonable nature and the proposed classification of creditors. In addition, the Committee strenuously objects to the exclusion of holders of Convertible Debentures from the consultative process adopted by the Company prior to the filing of the Proposed Plan.
The Committee urges the Company to withdraw the Proposed Plan and to engage with all stakeholders in a fair and open consultation process.
SOURCE FISHMAN FLANZ MELAND PAQUIN LLP
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