Uniforet says U.S. noteholders appeal court's decision to approve plan

By Carlise Newman

Chicago, Sept. 26 - Uniforet Inc. said a group of U.S. noteholders applied to the Supreme Court of Canada to seek leave to appeal the judgment by the court of appeals on July 24, which refused leave to appeal the decision rendered by Quebec Superior Court on May 16, approving the company's bankruptcy reorganization.

The noteholders are looking for a partial modification of what has been offered to their class of creditors without staying implementation of the company's plan, which is effective as of Aug. 8.

Uniforet said it intends to contest the application.

Uniforet also said the different payments provided by its plan of arrangement in the Companies' Creditors Arrangement Act, including the issuance of shares in settlement of the Canadian convertible debentures, will be finalized within the next days.

The Canadian forest products company issued the new notes on Aug. 8, in replacement of the previously issued notes.

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