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Cenosis Makes Proposal To Creditors To Emerge From Bankruptcy

Monday, May 12, 2003

Press release from the issuing company

Laval May 2nd, 2003 - Cenosis Inc. announced that it has made a proposal to its creditors in order to settle over $2.9 million in debt. The acceptance and adoption of this proposal, managed by the Company’s trustee and subject to Quebec Superior Court approval, would allow the Company to emerge from the federal Bankruptcy and Insolvency Act and relaunch itself. Final terms of the settlement will be divulged following its acceptance at a creditors’ meeting scheduled for May 20th, 2003. Last February 18th, the Company notified its intention to make a proposal to creditors under the federal Bankruptcy and Insolvency Act, thus putting itself under court-ordered creditor protection. The notice covered the KangaCom subsidiary as well. On March 20th, Cenosis sought and obtained an order from Quebec Superior Court granting it a 45 day extension. The Company intends to fully comply with the provisions of federal laws as well as applicable securities regulations as it undergoes this debt restructuring process. Raymond Chabot Grant Thornton continues to act as the Company's trustee in the proceedings.

 

 

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