25th Apr 2005 14:30
Thistle Mining Inc.25 April 2005 Monitor Recommends that Thistle's Affected Creditors Vote in Favourof Thistle's Restructuring Plan Toronto, 25 April, 2005 - Thistle Mining Inc. (TSX: THT and AIM: TMG)As previously announced, Thistle Mining Inc. ("Thistle") obtained an order onJanuary 7, 2005 from the Ontario Superior Court of Justice to commence Thistle'srestructuring under the Companies' Creditors Arrangement Act ("CCAA"). Thistle announced today that PricewaterhouseCoopers Inc., the Monitor, has filedwith the Court, the Monitor's Third Report dated April 21, 2005. In that report,the Monitor recommended that all Thistle's affected creditors vote in favour ofThistle's plan of compromise and reorganization dated March 24, 2005 pursuant tothe CCAA. The Monitor stated that, if there were no plan of compromise orarrangement for Thistle, it is likely that the Meridian Creditors (the holdersof claims in respect of Thistle's senior secured indebtedness) would enforcetheir security rights and realize on the assets of Thistle and its subsidiariesthrough a receivership or liquidation and that, in such event, there would be nopossibility of any recovery for Thistle's Noteholder Creditors (consisting ofthe holders of claims relating to notes issued by Thistle) or Thistle's otherstakeholders (including the holders of Thistle's outstanding common shares). Acopy of the Monitor's report is available on the Monitor's website atwww.pwc.com/brs-thistlemining. For further information, contact Harvey McKenzie, Chief Financial Officer,1-416-594-3293. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
The Mission Group