Testori creditors vote in favour of plan of arrangement

Ryan Ross
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Testori's Bloomfield, Prince Edward Island plant seen here in the centre, in blue. The plant is located in the West Prince Business Park in Bloomfield. Testori also has a plant in Slemon Park.

The Testori group of companies’ creditors have voted in favour of a plan that will see them get less money than they are owed.

On Thursday, some of the creditors met with officials from PricewaterhouseCoopers at the Delta Prince Edward in Charlottetown to vote on a proposed plan of arrangement after Testori Americas and Wiebel Aerospace sought creditor protection last year.

Members of the media weren’t allowed to attend the meeting, but a PricewaterhouseCoopers representative confirmed the creditors voted in favour of the plan.

He also said a full report with a tally of the votes will be provided at a later date in a monitor’s report from PricewaterhouseCoopers.

Testori Americas and Wiebel Aerospace employ about 110 people in Summerside and Bloomfield and will continue to operate under creditor protection.

The aerospace companies owe about $8.4 million to their unsecured creditors and a further $13.7 million in secured debt.

Under the plan of arrangement, any unsecured creditors who are owed $1,000 or less would get the full amount within six months, while larger unsecured creditors will get about 15 to 20 per cent of the dollar value of their claims over a period of two to three years.

Of the unsecured creditors, there are 68 claims from creditors located in P.E.I.

rross@theguardian.pe.ca

twitter.com/ryanrross

Organizations: PricewaterhouseCoopers

Geographic location: Charlottetown, Summerside, P.E.I.rross

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