GULF CANADA <GOC.TO> HOLDERS APPROVE PLAN
Gulf Canada Corp shareholders at the
annual meeting approved a previously reported reorganization
plan giving shareholders stock in three publicly traded
companies.
    Shareholders will receive 66 shares in Gulf Canada
Resources Ltd, 29 shares of Abitibi-Price Inc <AIB.TO> and 20
common shares of GW Utilities Ltd for every 100 shares in Gulf
Canada Corp. GW Utilities, a new company, will hold Gulf's 83
pct stake in Consumers Gas Co Ltd, 49 pct of Hiram
Walker-Gooderham and Worts Ltd and 41 pct of Interprovincial
Pipe Line Ltd <IPL.TO>.

    Debenture holders who objected to the plan withdrew a
proposed amendment when Gulf Canada chairman Marshall Cohen
said they would receive compensation for six months of interest
they would otherwise have lost under the plan.
    The debenture holders had sought to postpone the
reorganization's effective date to July 16 from July 1 in order
to earn interest for the latest six-month period.
 Reuter
