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Court approves ABC District and DIL Plans

August 4, 2016 No Comment

lcc-abcEDMONTON – On July 15, the Alberta-British Columbia District Group had a court hearing during which they applied for an Order sanctioning the District Plan and District Investments Ltd. (DIL) Plan. On August 2, the court rendered its decision, sanctioning both plans for implementation following a 21 day appeal period.

“I find that the proposed plans are within my jurisdiction to sanction are fair and reasonable in the circumstances and should be sanctioned,” Justice B.E. Romaine writes in the ruling.

The decision comes following separate votes on the District Plan and DIL Plan. Depositors of the District voted in favour of the District Plan on June 10. Of creditors who voted, a majority (83% or 1,076) voted to approve the plan, with those voting in favour representing $65 million or 76% in value of the voting claims. The District Plan therefore passed with the required majority and 2/3 dollar value of voting creditors.

Depositors of DIL had earlier voted on the DIL Plan on January 23. A majority of those who voted (92% or 434) voted to approve the plan, with those in favour representing $12.7 million or 87% in value of the voting claims. The DIL Plan therefore passed by the required double majority. The court indicated at that time that approval of the plan would be decided at the same time as the District Plan.

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