Here we go again. Mobilicity, which has been operating under creditor protection since late September 2013, announced very late yesterday “a proposed going concern transaction” that would see TELUS Mobility acquire the beleaguered carrier for CA$350 million. If this sounds familiar, it’s because it is. TELUS announced back in May 2013 that it would acquire Mobilicity for CA$380 million but […]
Mobilicity
Mobilicity looking to extend creditor protection to April 30
Beleaguered carrier Mobilicity is headed back to the courts again to seek a further another extension on its stay of proceedings under Canada’s Companies’ Creditors Arrangement Act (CCAA). The request would extend the stay from March 31 to April 30, 2014 “to provide the Applicants with time to complete the Sale Process and bring forward a transaction or transactions for […]
Mobilicity looking to extend creditor protection again
Mobilicity was first granted creditor protection back in September 2013. Chief restructuring officer William Aziz today told The Toronto Star that the beleaguered Canadian carrier is headed back to court on February 26, the day this protection is set to run out, to ask for another extension as it continues to find itself a buyer. The company is reportedly reviewing […]
Canadian government still opposed to Mobilicity acquisition by TELUS
Mobilicity, one of Canada’s smaller carriers, is quickly running out of options. Having put itself up to an auction sale in December, its creditor protection is set to run out in mid-February. It has already been extended several times but that’s no guarantee that it will be again. With the prospect of being unable to find a buyer and simply […]
Top bidders for Mobilicity are TELUS and Quebecor?
Mobilicity’s auction appears to have ended with at least two “serious” bids according to The Globe and Mail. According to its sources, Telus Corp. submitted a CA$350 million bid while Quebecor Inc., the parent company of regional operator Videotron, bid about CA$200 million for the beleaguered carrier. The TELUS bid is less than the company offered last year but still […]
Videotron to make a play for Mobilicity?
While unlikely to be the only one, only one company, WIND Mobile, confirmed that it made a bid to buy its struggling competitor in Mobilicity’s December auction. While the outcome of the auction has yet to be announced, it now appears that regional carrier Videotron may also be interested. According to Bank of Nova Scotia analyst Jeff Fan, Quebecor, Videotron’s […]
Former Mobilicity President Stewart Lyons named TeraGo CEO
Stewart Lyons, the former President and COO of beleaguered carrier Mobilicity, was yesterday named president and CEO of TeraGo. He will assume the position on January 16, 2014. “We are thrilled to appoint Stewart Lyons, an executive with deep expertise in leading entrepreneurial telecommunications businesses, as TeraGo’s CEO”, said Charles Allen, Chairman, in the announcement. “His comprehensive skill set and […]
WIND Mobile makes CA$190 million bid in Mobilicity auction?
The Mobilicity auction, a bid to find itself a buyer, closed earlier this week. The company has yet to announce any details but did request an extension of its creditor protection to February 18, 2014, while it negotiates with the successful bidder (or bidders) to close the sale. WIND Mobile was the only party to step forward and confirm its participation […]