NOTE: See updated post here
Bankruptcy and Insolvency Court Ruling Pertaining to Digitcom Telecommunications Inc.
As of today, it appears the courts have given a ruling in the matter of the Bankruptcy and Insolvency Act pertaining to Digitcom Telecommunications Inc. The Honourable Justice Conway ordered Digitcom’s insolvency trustee, Grant Thornton, to proceed with a “sale and investment solicitation process” that will invite interested bidders to submit final bids by January 20, 2023. If a bidder is successful and the court approves, the deal would close on February 3, 2023. Creditors will be paid out in this order:
- Administration Charge (up to the maximum amount of $100,000.00);
- Interim Lender’s Charge (approx. $400,000);
- Directors & Officers Indemnity Charge (up to the maximum amount of $75,000.00);
- Key Employee Retention Plan Charge (up to the maximum amount of $135,000.00);
- TD’s pre-existing security (approx. $3,500,000); and
- Key Employee Incentive Plan Charge (up to the maximum amount of $112,500.00).
If any proceeds remain, one would assume that creditors named as of Oct. 31, 2022 would be paid in proportion to their claims.
Do You Need Immediate Tech Support?
Refer to this post about Atcom’s remote tech support service.
What Happens with Digitcom Customers?
Presumably, if a bidder is successful in purchasing Digitcom’s telephony business, they will do everything they can to retain and service the existing customer base. However, it is remains to be seen as to what level Digitcom customers will be supported during the intervening months.
If you or any business you know has an issue getting service, Atcom would be happy to assist. Whether the location is in Quebec, Ontario, or west of there we would be thrilled to find a solution for your problem! If Atcom isn’t able to resolve your issue directly, we’ll find a company who can and make the introduction 🙂 Get started by calling us at 1 (888) 515-3707 right away.
What About Former Algo and 6Telecom Customers?
The same goes for customers who came from the Algo or 6Telecom acquisitions – If you have an issue getting service, Atcom would be happy to help. Call us at 1 (888) 515-3707 and describe your issue; we’ll do everything we can to get you the service you need!
Here is a current list of Digitcom related documents available per the Grant Thornton website:
