Mobilicity debtholders were supposed to be voting today on a recapitalization plan for the beleaguered carrier. The company today announced that it was postponing the vote by a week as the Board is currently considering “additional potential alternatives.” According to Stewart Lyons, Mobilicity’s President and COO:
“The Board has rescheduled the vote on the recapitalization plan to allow it to consider additional potential alternatives for the Company and its stakeholders, including customers, dealers and employees.”
With Mobilicity engaged in discussions with Verizon Wireless, the delay could be a hint that the talks are going well enough that an agreement could be announced soon.
Verizon reportedly also made a US$700 million offer to take over WIND Mobile, another Canadian carrier currently looking for a buyer.
Mobilicity announces vote on recapitalization plan to take place on July 10, 2013
TORONTO, July 3, 2013 /CNW/ – Data & Audio-Visual Enterprises Holdings Inc. and its affiliates (collectively, Mobilicity) announced today that its previously announced recapitalization plan will be voted on by debtholders on Wednesday, July 10, 2013. The vote had been scheduled for July 3, 2013.
Stewart Lyons, Mobilicity’s President and COO, said, “The Board has rescheduled the vote on the recapitalization plan to allow it to consider additional potential alternatives for the Company and its stakeholders, including customers, dealers and employees.”
The postponed meeting for the recapitalization plan will be held at the offices of Norton Rose Canada LLP, Royal Bank Plaza, South Tower, 200 Bay St., Suite 3800, Toronto, Ontario, M5J 2Z4, at 10:00 a.m. (Toronto time).
Mobilicity will continue to provide updates as warranted. For more information, please visit www.mobilicity.ca/investorrelations.
About Mobilicity (DAVE Wireless):
Mobilicity, Canada’s smart mobile carrier, was created to bring down the cost of wireless with unlimited talk, text and data plans, affordable North American coverage, plus popular handsets and smartphones -without locking customers into contracts or charging extra or hidden fees. Everything Mobilicity does adds up to a better wireless experience, not an expensive one. NOW THAT’S SMART.
Formerly known as Data & Audio-Visual Enterprises Wireless Inc. (DAVE Wireless), the company is led by Obelysk, a diversified Canadian holding company, and Quadrangle Capital Partners, a global investor in the telecommunications and media sectors. Mobilicity was named one of Canada’s Top 25 Up and Coming Information & Communication Technology start-ups in 2010 by the Branham Group Inc. Further information about Mobilicity can be found at www.mobilicity.ca.