Tervita plan of arrangement, noteholder settlement orders enforced

By Caroline Salls

Pittsburgh, Dec. 7 – Tervita Corp.’s orders from the Alberta Court of Queen’s Bench approving its plan of arrangement under the Canada Business Corporations Act and its secured noteholder settlement were granted enforcement in the United States, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The plan was approved by the Canadian court on Tuesday, and the settlement was approved on Nov. 22.

As previously reported, the plan was approved by Tervita’s unsecured and subordinated noteholders and the shareholders of Red Sky Acquisition Corp. at meetings held on Nov. 30.

The recapitalization transaction is expected to be completed in December, subject to the satisfaction or waiver of all other plan conditions.

Tervita is a Calgary, Alta.-based environmental management company for the oil and gas industry. The company filed for bankruptcy on Oct. 18 under Chapter 15 case number 16-12920.

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