6552757 Canada Inc., doing business under the corporate name of SR Telecom & Co., has filed on December 3, 2009 a Notice of Intention to Make a Proposal to its creditors. On December 29, 2009, a motion has been granted prolonging the delay of the Debtor to file the proposal to its creditors until February 12, 2010. On February 12, 2010, a second motion has been granted prolonging this delay until March 29, 2010. On March 29, 2010, a third motion has been granted prolonging this delay until May 12, 2010. On June 3, 2010, the Debtor has lodge with the Trustee a proposal, which has been amended on June 15, 2010. On June 25, 2010, a creditors' meeting was held and the majority of the creditors voted against the Proposed Plan. Following the refusal of the creditors to accept the proposal, the Company was deemed to have filed an assignment on June 25th, 2010 and SBDT was appointed as trustee of the estate of the bankrupt by the official receiver.
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