Posted by: youngragingbull | May 23, 2013

Debt-holders approve of Mobilicity sale to Telus

Creditors of low-cost wireless provider Mobilicity approved a deal Thursday that would see the mobile upstart sold to Telus for $380 million.

The approval is the first of several hurdles the company must clear before the sale can go ahead. The acquisition plan must also be approved by Industry Canada, the Competition Bureau and the Ontario Superior Court, which is overseeing Mobilicity’s restructuring and issued the orders allowing it to seek potential buyers as a way to avoid bankruptcy.

“This is a significant step towards final approval of the plan through which the business, combined with the financial strength of Telus, can be continued in a way that will benefit our customers and employees,” said Mobilicity president and CEO Stewart Lyons in a press release.

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