Mobilicity wins further protection from creditors until end-August

Financially stricken Canadian cellco Mobilicity (registered as Data & Audio-Visual Enterprises Holdings) has obtained a further extension of its court-sanctioned Stay Period, under the Companies’ Creditors Arrangement Act (CCAA), allowing it creditor protection until 31 August 2015 whilst it continues to seek an ownership deal. The company’s press release added a quote from Bill Aziz, chief restructuring officer at Mobilicity: ‘It continues to be business as usual for our customers and suppliers … As the wireless spectrum landscape evolves, the Stay Extension provides Mobilicity with a stable environment in which to evaluate available options and negotiate a value maximising transaction.’ Additional information regarding Mobilicity’s CCAA proceedings, including court materials, is available at the website of its appointed monitor (Ernst & Young) at www.ey.com/ca/mobilicity.