Aliant, BCE income trust plan given green light in court

The Supreme Court in Nova Scotia has approved a plan to turn most of Canadian telco Aliant’s assets into an income trust, creating the Bell Aliant Regional Communications Fund. In March Aliant and fellow telco Bell Canada announced plans to create the income trust and combine Aliant’s wireline assets, information technology operations, and other units with BCE’s fixed line operations in rural areas of Ontario and Quebec. BCE’s 63.4% holding in the Bell Nordiq Income Fund will form part of new trust. In May shareholders of both companies approved the plan, which is expected to be completed early in the third quarter of 2006 subject to regulatory approvals, according to an Aliant news release.