Quebec Judge Rules in Favour of BCE Deal
As expected, Quebec Superior Court Justice Joel Silcoff announced his ruling yesterday on the bondholders request that the court reject the plan or
make its approval subject to the consent of the trustee of the bond
issues.
In a series of decisions Friday, the judge rejected all court challenges by two Bell bondholder groups opposed to the buyout, led by Ontario Teachers' Pension Plan.
Martine Turcotte, chief legal officer with BCE stated that "The judgments were quite clear and categorical and supported our longstanding position that the bondholders' lawsuits were without merit," an that "We're extremely happy with the results and are proceeding to the next steps of closing."
The deal still is still dependent on rulings by the CRTC and Industry Canada, but at this point it appears that the probability that the deal will be completed is high.
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In a series of decisions Friday, the judge rejected all court challenges by two Bell bondholder groups opposed to the buyout, led by Ontario Teachers' Pension Plan.
Martine Turcotte, chief legal officer with BCE stated that "The judgments were quite clear and categorical and supported our longstanding position that the bondholders' lawsuits were without merit," an that "We're extremely happy with the results and are proceeding to the next steps of closing."
The deal still is still dependent on rulings by the CRTC and Industry Canada, but at this point it appears that the probability that the deal will be completed is high.
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