- 注册
- 2002-10-07
- 消息
- 402,603
- 荣誉分数
- 76
- 声望点数
- 228
TORONTO — The city of Ottawa cancelled its motion to ask a judge to allow it to unilaterally terminate its contract with Plasco Energy as the two parties are working to end their relationship on their own, an Ontario Superior Court judge heard Tuesday morning.
Plasco Energy did not meet its financial obligations by the end of last year to build a commercial waste-to-energy plant to handle Ottawa’s residential waste, as was stipulated in the company’s contract with the city. Council voted unanimously on Feb. 25 to terminate the contract.
But the waste company had filed for court protection from its creditors earlier in the month, which meant the city couldn’t unilaterally cancel the agreement without a judge’s permission. Indeed, lawyers representing the city filed a lengthy motion to commercial court dated Mar. 2 requesting the contract cancellation be approved, only for the court to hear Tuesday morning that the city was withdrawing its motion.
According to the chief restructuring officer representing Plasco, the company and city are working on coming to an out-of-court agreement on terminating the contract, including the length of time the company can take to decommission the site. Should the two not be able to come to an agreement, they will bring the issue back to court.
The Plasco spokesman also said that he didn’t foresee an issue with the city’s Letter of Credit — issued by Scotiabank — in the amount of $300,000 for decommissioning the plant.
Commercial court’s Senior Justice Geoffrey Morawetz granted Plasco’s request to stay any actions against the company until May 8. However, all the parties to the Plasco issue are expected back in court before May 1, as the judge will be in Ottawa after that date.
More to come
查看原文...
Plasco Energy did not meet its financial obligations by the end of last year to build a commercial waste-to-energy plant to handle Ottawa’s residential waste, as was stipulated in the company’s contract with the city. Council voted unanimously on Feb. 25 to terminate the contract.
But the waste company had filed for court protection from its creditors earlier in the month, which meant the city couldn’t unilaterally cancel the agreement without a judge’s permission. Indeed, lawyers representing the city filed a lengthy motion to commercial court dated Mar. 2 requesting the contract cancellation be approved, only for the court to hear Tuesday morning that the city was withdrawing its motion.
According to the chief restructuring officer representing Plasco, the company and city are working on coming to an out-of-court agreement on terminating the contract, including the length of time the company can take to decommission the site. Should the two not be able to come to an agreement, they will bring the issue back to court.
The Plasco spokesman also said that he didn’t foresee an issue with the city’s Letter of Credit — issued by Scotiabank — in the amount of $300,000 for decommissioning the plant.
Commercial court’s Senior Justice Geoffrey Morawetz granted Plasco’s request to stay any actions against the company until May 8. However, all the parties to the Plasco issue are expected back in court before May 1, as the judge will be in Ottawa after that date.
More to come
查看原文...
