Prestige Telecom files for bankruptcy protection

MONTREAL – Prestige Telecom is filing for bankruptcy protection and has begun the process to sell off its assets. In a statement on Wednesday, the company confirmed that it has filed a notice of intention to submit a proposal to its creditors pursuant to the Bankruptcy and Insolvency Act (Canada), and appointed Raymond Chabot Inc. as trustee. It is also selling substantially all of its assets to a company controlled by Thornhill Investments Inc. with the proceeds distributed to its creditors. “The foregoing steps are taken as a result of the continuing deterioration of the Company's precarious liquidity position”, reads the statement. ...