EDMONTON – Allarco Entertainment 2008 Inc. and Allarco Entertainment Limited Partnership (which does business as Super Channel) has emerged from creditor protection.
The company said Monday that it was issued its Certificate of Plan Completion from the Court of Queen's Bench of Alberta on April 5, after first seeking creditor protection under the Companies' Creditors Arrangement Act (CCAA) in May 2016.
Allarco has continued to operate under CCAA protection since that time, supervised by Court appointed monitor PricewaterhouseCoopers Inc. After a formal plan of arrangement or compromise was filed last December, 78 of the affected creditors voted in favour of the plan by a margin of 77-1 at a meeting held in January. The Court approved and issued the sanction order to proceed with the plan on February 16.
With the issuance of the monitor's Certificate of Plan Completion effective April 5, the CCAA proceedings have been completed in accordance with the Orders of the Court and under the supervision of the monitor. According to the plan, affected creditors will receive 45% of the first $25,000 they are owed and 6% of any amount owed over $25,000.
"I wish to thank our creditors sincerely for their patience and support as we worked through the CCAA process to achieve this goal," said Super Channel president and CEO Don McDonald, in a statement. "We had to make some very difficult decisions to ensure survival of the business and for the company to remain an active participant in the Canadian broadcast industry."
