Recently, the Québec Court of Appeal denied a motion for the approval of a plan of arrangement between BCE Inc. (“BCE”) and 6796508 Canada Inc. worth $51.7 billion. Although approved by the Québec Superior Court, the Court of Appeal determined the plan to be unfairly prejudicial to debenture holders of Bell Canada, a wholly-owned subsidiary of BCE. The Court determined that the directors of BCE acted erroneously by limiting their consideration of the rights of the debenture holders to those named in the governing trust indentures.

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