BlueStar Battery Systems' Plan of Reorganization Approved

November 06, 2000 by Jeff Shepard

The plan of reorganization filed by BlueStar Battery Systems International Corp. (Raleigh, NC) and Bluestar Systems Canada Corp. on September 5, 2000, and overwhelmingly approved by creditors on October 26, 2000, was approved by Justice James Farley of the Ontario Superior Court of Justice on October 31, 2000.

"Now that the legal uncertainties are behind us, we look forward to the support of our suppliers and customers in achieving mutual profitability," said Marty Kittrell, executive vice president of finance and administration.

The BlueStar Systems shares to be issued to the creditors, which will be listed on the Canadian Venture Exchange, will be subject to a hold period of six months imposed by the various provincial securities commissions.