TORONTO and MONTREAL – Look Communications received court approval to begin selling its assets. The Ontario Superior Court of Justice also appointed Grant Thornton Ltd. to act as Monitor during the process.
"Last week, our shareholders overwhelmingly supported our approach to maximizing value and today we received the Court’s approval," said Look’s vice chairman and CEO Gerald McGoey, in the press release.
"This is a very fast moving process and we look forward to the Monitor actively canvassing the market for interest in advance of the February 16 deadline for receiving sealed bids. We believe the company’s assets will play a part in introducing the next generation of mobile information, entertainment and communication services in the Canadian market and that all of our stakeholders will benefit if we are able to complete a transaction or series of transactions."
The Monitor will deliver a package of information to all interested parties, the press release continued. All bids must be returned by noon ET on February 16, 2009. Once the sales process is completed, the Monitor and Look will seek a final approval order from the court approving the transactions.
