Mobilicity has indefinitely adjourned a debtholder vote on its proposed recapitalization plan as the struggling wireless company pursues discussions with "multiple parties" on an acquisition plan.
"We are working diligently to reach an acquisition agreement and thank our customers, dealers, employees and partners for their continued support as we see this process through to its completion," president and CEO Stewart Lyons said in a statement Wednesday.
Lyon did not identify the possible acquisition partners or disclose any other details on the discussions.
However, the company noted it has the right to reconvene the recapitalization vote after giving notice to debtholders.
Under the recapitalization plan, the share capital of the company would be reorganized and certain debt repaid and Mobilicity would get funds to continue operating.
The company had earlier pushed back the vote a week until Wednesday amid unconfirmed reports that it was holding talks with U.S. telecom giant Verizon.
Verizon is said to be considering entering the Canadian wireless market and has reportedly made an initial $700-million offer for Wind Mobile, another of Canada's small telecoms.
Together, Wind and Mobilicity have just over 850,000 subscribers between them, a fraction of the combined 25 million held by the country's big players, Rogers (TSX:RCI.B), Telus (TSX:T) and Bell Inc. (TSC:BCE).
Mobilicity had earlier been the willing target of a $380-million buyout offer from Telus.
But federal Industry Minister Christian Paradis quashed that idea last month, saying the government would let stand current rules that prevent the sale of Mobilicity's spectrum licence to one of the larger companies before 2014.
Formerly known as Data & Audio-Visual Enterprises Wireless Inc. (DAVE Wireless), Mobilicity provides no-contract cellphone service in Toronto, Ottawa, Calgary, Edmonton and Vancouver.
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