On November 15, 2017, Copper Sands Land Corp., Willow Rush Development Corp., Midtdal Developments & Investments Corp., Prairie Country Homes Ltd., JJL Developments & Investments Corp., and MDI Utility Corp. (collectively the "Applicants") filed an application in the Court of Queen's Bench for Saskatchewan (the "Court") seeking relief to commence Court supervised restructuring proceedings under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the "CCAA").
On December 20, 2017, the Court granted an order (the "Initial Order") which, among other things, provided for a stay of proceedings (the "Stay Period") which prevents any creditor of the Applicants from taking any proceedings against the Applicants and permits the Applicants to remain in control of their assets and to continue to carry on business during the restructuring period. The Stay Period may be extended by the Court from time to time on such terms and with such modifications as the Court considers appropriate.
As a term of the Initial Order, Deloitte Restructuring Inc. was appointed as Monitor (the "Monitor") in the CCAA proceedings to oversee the operations of the Applicants during the restructuring.
During the Stay Period, all parties are prohibited from commencing or continuing any legal action against the Applicants and all rights and remedies of any party against or in respect of the Applicants or their assets are stayed and suspended except with the written consent of the Applicants and the Monitor, or leave of the Court.
To date, no claims procedure has been approved by the Court and the creditors are therefore not required to file a proof of claim at this time. If the Applicants file a plan of compromise or arrangement, the Monitor will invite creditors to submit their proofs of claim against the Applicants at that time.
On January 23, 2018, certain of the secured creditors of the Applicants filed a Notice of Appeal seeking leave to appeal the Initial Order. Leave to appeal was granted by the Court of Appeal For Saskatchewan on January 24, 2018. The Appeal hearing has been scheduled for March 5, 2018.
On January 31, 2018, the Court granted an extension of paragraphs 1 to 22 of the Initial Order until further order of the Court.
On February 2, 2018, the Court granted an order extending paragraphs 1 to 22 of the Initial Order until the date that is thirty (30) days after the date on which the appeal of the Initial Order is heard and decided by the Court of Appeal For Saskatchewan.
March 21, 2018, the Court granted an order extending paragraphs 1 to 22 of the
Initial Order until Tuesday, April 17, 2018.
On April 17, 2018, the Court granted an order
extending paragraphs 1 to 22 of the Initial Order until Friday, May 25, 2018.
May 25, 2018, the Court granted an order extending paragraphs 1 to 22 of the
Initial Order until Thursday, June 7, 2018.
On June 7, 2018 the Court granted an order extending paragraphs 1 to 22 of the Initial Order until Friday June 15, 2018.
On June 15, 2018 the Court granted an order extending paragraphs 1 to 22 of the Initial Order until Thursday July 5, 2018.
On July 5, 2018 the
Court granted an amended and restated Initial Order (the “Amended and Restated
Order”) in which the Stay Period was extended to September 5, 2018.
January 9, 2019, the Court issued an Order which included an extension of the
Stay Period to February 15, 2019.
If you have any questions regarding this matter, please contact Deloitte Restructuring Inc. at the following address:
Attention: John Fritz
If you would like to receive notice of all further proceedings in relation to this matter, please forward a written request to:
Jan 9, 2019