Reuters: Regulatory News: UPDATE 2-Mobilicity wins creditor protection, seeks buyout OK

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UPDATE 2-Mobilicity wins creditor protection, seeks buyout OK Sep 30th 2013, 23:26 Mon Sep 30, 2013 5:31pm EDT By Alastair Sharp TORONTO, Sept 30 (Reuters) - Wireless telecom company Mobilicity, one of the smallest players in the Canadian market, said on Monday it has won creditor protection from an Ontario court as it seeks regulatory approval for a transaction that would allow it to keep operating. Mobilicity said the transaction is currently being reviewed by the federal government, but did not identify the possible buyer. It said in July it was talking to several interested parties. A source told Reuters in June that Verizon Communications Inc was in talks with Mobilicity, although Verizon has since said it is not interested in the Canadian telecoms market. The company said its customers would not notice any change in wireless service while it is in protection and that its dealer network remains open for business. The Ontario Superior Court of Justice, which granted the protection under the Companies' Creditors Arrangement Act, also approved debtor-in-possession financing for some of Mobilicity's noteholders to a maximum amount of C$30 million ($29.2 million). Earlier this year, the federal government effectively blocked a C$380 million deal for major operator Telus Corp to buy Mobilicity by saying Telus could not take over Mobilicity's wireless spectrum licenses. Mobilicity did not apply to take part in next year's auction of valuable airwaves although its biggest debtholder, private equity firm Catalyst Capital Group Inc, and its founder and executive chairman, John Bitove, have both applied separately. Link this Share this Digg this Email Reprints

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