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Microcell receives support for reorganization, struggles with subscriber additions

News | 03/04/2003 5:00 am EST

Microcell Telecommunications Inc. has secured significant support for its recapitalization and restructuring plan, having signed lock-up agreements with 75% of secured creditors and 55% of unsecured creditors. The struggling wireless operator's plans are detailed in a comprehensive information circular and proxy statement, which was released last month (RoW Update, Feb. 28/03). The 280-page document outlines in great detail corporate reorganization plans, the proposed new ownership structure and financing arrangements, which Microcell hopes will allow it to battle its way back to viability.

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