On Thursday, small Canadian player Mobilicity plans to ask a judge to extend its creditor protection – set to expire on Friday – to 18 February 2014.
The application follows the expiration of an offer deadline yesterday by which prospective buyers…
On Thursday, small Canadian player Mobilicity plans to ask a judge to extend its creditor protection – set to expire on Friday – to 18 February 2014.
The application follows the expiration of an offer deadline yesterday by which prospective buyers were expected to have made bids for the indebted operator.
In a court document, Mobilicity says that following the expiration of the deadline it needs to negotiate transaction documents with one or more successful bidders before putting the transaction to the court for approval.
In late October a judge granted an extension to Mobilicity’s initial creditor protection period, to 20 December, so that administrator EY had a chance to find a buyer for the operator.
At the start of December, the CEO of Canadian operator Wind Mobile was quoted as saying that his company was in the auction process to buy Mobilicity.
Anthony Lacavera told a local newspaper that Mobilicity represented a good opportunity to create a consolidated fourth player.
The Canadian government has indicated it would welcome bids from the likes of Wind, but dominant operators Bell Canada, Rogers Wireless and Telus will not be allowed to acquire Mobilicity and its valuable spectrum.
