Creditors of Confederation Treasury Services Limited to Receive Second Distribution of Funds

Apr 11, 2001, 01:00 ET from Richter & Partners Inc.

    TORONTO, April 11 /PRNewswire/ - RICHTER & PARTNERS INC., in its capacity
 as Administrator of the Plan of Compromise and Arrangement concerning
 Confederation Treasury Services Limited ("CTSL"), and in its capacity as
 Trustee in Bankruptcy of the Estate of CTSL, announces that the sum of
 $50,000,000 (Cdn) will be received, on or about April 17, 2001, by The Trust
 Company of the Bank of Montreal, the Indenture Trustee, to effect a second
 distribution to the holders of Class A Certificates. The receipt of the funds
 is subject to the expiration of the applicable appeals period.
     "When this matter was settled in 1998, creditors received a dividend of
 72%, in addition to Residue Certificates that would allow creditors to
 participate in any surplus that might be available in the estate," explained
 Peter Farkas, Vice-President, Richter & Partners Inc. "As a result of this
 very positive development, each creditor to date will have received 112% of
 the face value of the claims."
     The Indenture Trustee will specify April 17, 2001 as the Record Date for
 determination of Residue Certificate holders entitled to receive the
 distribution. The Indenture Trustee will also set May 1, 2001 as the
 Distribution Date for the disbursement of the funds.
     Richter & Partners Inc. is a leader in the field of financial
 reorganization and insolvency, with offices in Toronto, Montreal and Calgary.
 It is part of Richter, Usher & Vineberg, one of Canada's largest independent
 accounting, business advisory and consulting firms.
 
 

SOURCE Richter & Partners Inc.
    TORONTO, April 11 /PRNewswire/ - RICHTER & PARTNERS INC., in its capacity
 as Administrator of the Plan of Compromise and Arrangement concerning
 Confederation Treasury Services Limited ("CTSL"), and in its capacity as
 Trustee in Bankruptcy of the Estate of CTSL, announces that the sum of
 $50,000,000 (Cdn) will be received, on or about April 17, 2001, by The Trust
 Company of the Bank of Montreal, the Indenture Trustee, to effect a second
 distribution to the holders of Class A Certificates. The receipt of the funds
 is subject to the expiration of the applicable appeals period.
     "When this matter was settled in 1998, creditors received a dividend of
 72%, in addition to Residue Certificates that would allow creditors to
 participate in any surplus that might be available in the estate," explained
 Peter Farkas, Vice-President, Richter & Partners Inc. "As a result of this
 very positive development, each creditor to date will have received 112% of
 the face value of the claims."
     The Indenture Trustee will specify April 17, 2001 as the Record Date for
 determination of Residue Certificate holders entitled to receive the
 distribution. The Indenture Trustee will also set May 1, 2001 as the
 Distribution Date for the disbursement of the funds.
     Richter & Partners Inc. is a leader in the field of financial
 reorganization and insolvency, with offices in Toronto, Montreal and Calgary.
 It is part of Richter, Usher & Vineberg, one of Canada's largest independent
 accounting, business advisory and consulting firms.
 
 SOURCE Richter & Partners Inc.