Microcell reorganisation gets the all clear

20 Mar 2003

Canada’s smallest cellco Microcell has received approval from the Quebec Superior Court for its recapitalisation plan that proposes offering its creditors equity in the company in exchange for the elimination of 85% of its debts. The plan will reduce the operator’s debt obligations from CAD2 billion to CAD 300 million and its annual interest payments from CAD360 million to CAD200 million.