MARKHAM – A new board of directors, including Sayan Navaratnam, Jos Wintermans and Dominic Burns, has joined Cygnal Technologies Corp., as the company has emerged from Court-supervised restructuring.
Cygnal said in a media release on Wednesday that it has satisfied the conditions to implementation of its joint plan of arrangement and reorganization dated January 29, 2008, and amended on March 12, 2008.
Cygnal obtained creditor approval of the plan on March 7, 2008 and a final order of the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act (the CCAA) on March 17, 2008.
Pursuant to the plan, all affected creditors of Cygnal, Cygnal Technologies Ltd. and Accord Communications Ltd. will receive a distribution in compromise and settlement of their affected claims.
CYN Holdings, LLC, an affiliate of Laurus Master Fund, Ltd., is funding the distributions that the Court-appointed monitor will provide to affected creditors and in return has received new common shares in Cygnal. CYN Holdeings has become Cygnal’s sole shareholder.
All common shares and preferred shares in the capital of Cygnal outstanding prior to the implementation of the plan have been automatically converted into redeemable shares and redeemed.
Trading in Cygnal’s common shares on the Toronto Stock Exchange was halted prior to the commencement of trading on April 1, and the common shares of Cygnal were de-listed from the Toronto Stock Exchange at the close of business on April 1, 2008.
