WHITE ROSE FILE BUSINESS PLAN WITH COURT
By Adnews Staff
White Rose Home & Garden Centres of Unionville, Ontario have been operating under the companies Creditors Arrangement Act, granting it protection from its creditors, since November of last year. Yesterday the company filed a Plan of Arrangement and Compromise with the Superior Court of Justice. The plan would allow smaller unsecured creditors to receive a portion of their unpaid bills in immediate cash. Implementation of the plan is subject to the approval of the court. A court date has been scheduled for June 25. Meetings of creditors have been set for June 18 to vote on the plan. There are three classes of creditors, each of which will vote separately on the plan. The Bank of Nova Scotia is the Company's only secured creditor with an amount of $69.4 million owed to them. Agricultural creditors, which compromise the second class of creditors, are owed $1 million. The third class is unsecured creditors, who are owed approximately $31.9 million.