Shift receives extension to CCAA order
Briefs | 06/14/2007 7:27 pm EDT
The Alberta Court of Queen's Bench has extended Shift Networks Inc.'s creditor protection under the Companies Creditors Arrangement Act (CCAA) for an additional period expiring on September 7, 2007. As previously reported in Network Letter, Calgary-based Shift began operating under bankruptcy protection of the CCAA in early May, including debtor-in-possession financing of $1.5 million (NL, May 14/07). Since that initial order on May 8, Shift has reported combined activations and new sales of over 600 Shift subscribers, as well as a reduction in operating expenditures by approximately $230,000 per month. If Shift has not filed a Plan of Arrangement by September 7 it will apply for a further extension order if considered appropriate.