17 May 2011
Corrweb creditor proposal sent back for revision
BRAMPTON, ON—A creditors' meeting on May 10 in the matter of Corrweb Litho was adjourned, PrintCAN has learned, because creditors asked for more compensation and the company agreed to try to make that happen.

Corrweb, which filed for creditor protection in early April, filed a proposal on April 25 offering to repay unsecured creditors about 8¢ on the dollar, according to papers filed by trustee Schwartz Levtisky Feldman Inc. of Toronto.

A second creditors' meeting is scheduled before the end of May, said a prepresentative for the trustee. If the new proposal is rejected by creditors, the company will be deemed to be bankrupt. Corrweb is still carrying on business.
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