Web Offset Creditors Approve Restructuring Plan
December 15, 2015 By PrintAction Staff
On Tuesday of last week, creditors voted on Web Offset’s restructuring action, which was first submitted in July 2015 as a Notice of Intent to file a Proposal within Canada’s Bankruptcy and Insolvency Act (BIA).
John Bacopulos, CEO of Ironstone Media, which controls Web Offset, based in Pickering, Ontario, reports around 98 percent of the creditors involved in the July filing voted in favour of the company’s restructuring plan. Unsecured creditors were owed approximately $3.2 million and accepted a deal worth approximately $0.25 on the dollar.
This is the second Notice of Intent to file a Proposal under the BIA involving the company in a little more than three years, after Ironstone Media filed an action in March 2012.
Ironstone Media was founded in 1961 and has remained focused on the publishing industry, including earlier efforts to move with the digitization of printed content.
The company continued to operate uninterrupted during its 2015 BIA filing and will now push forward under its restructuring plan.
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