MONTREAL – BCE Inc. on Thursday said it has filed a motion asking the Supreme Court of Canada for an expedited process to hear both an application for leave to appeal the May 21 Quebec Court of Appeal decision that denied its purchase. The telecom giant is also asking for an expedited appeal itself, if leave is granted.
On Wednesday, BCE said it and its proposed buyer – a consortium led by the Ontario Teachers Pension Plan – would seek leave to appeal to the Supreme Court the Quebec Court of Appeal’s decision to deny the $52-billion leveraged buyout. It also stated at that time that it would be seeking an expedited process.
Some disgruntled Bell bondholders are attempting to block the deal that they say loads BCE up with debt and makes their bonds a riskier investment.
BCE also reiterated in a statement Thursday that the expected timing for the closing of the transaction will be contingent on the Supreme Court granting leave to appeal and the timing related to any such appeal.
