Evergreen Gaming Corporation and Washington Gaming, Inc

April 15, 2009 - On April 15, 2009, Evergreen Gaming Corporation and Washington Gaming, Inc. and their subsidiaries (collectively, the “Petitioners”) filed a Petition in the Vancouver Registry of the Supreme Court of British Columbia (the “Court”), Action Number S092767 (the “CCAA Proceedings”) seeking protection from their creditors under the Companies’ Creditors Arrangement Act (“CCAA”) to enable the Petitioners to restructure their business and their indebtedness to creditors. An Initial Order was granted by the Court on the same day which prevents any creditor of the Petitioners from taking any proceedings against the Petitioners and permits the Petitioners to remain in control of their assets and to continue to carry on business during the restructuring period.  At 10 a.m. on May 15, 2009, the Petition filed in the CCAA Proceeding will be heard in the Supreme Court of British Columbia at the Vancouver Courthouse at 800 Smithe Street, Vancouver, British Columbia at which time the Petitioners will seek a further order extending the stay of proceedings granted in the Initial Order and seeking other relief.

As a term of the Initial Order, Deloitte & Touche Inc. was appointed Monitor in the CCAA Proceedings to oversee the operations of the Petitioners during the restructuring.

Posted to this Web site are the following documents:

Court Documents

April 16, 2008 - U.S. Chapter 15 proceedings –  The Monitor of the Petitioners filed Chapter 15 petitions in the United States Bankruptcy Court for the Western District of Washington ("U.S. Court").  On April 17, 2009, the US Court granted an Interim Order with an automatic stay against creditors.  A final hearing on the Motion seeking a stay of creditors’ actions shall be held before the US Court on May 4, 2009 at 9:30am. 

Posted to the website are the following documents with respect to this matter.

U.S. Court Documents

May 4, 2009 - U.S. Chapter 15 proceedings -  The Motion seeking an interim stay of creditors' actions was heard on May 4, 2009.  The US Court entered an agreed stipulation and order that stays any creditor actions until the Monitor's Application for Recognition of Foreign Main Proceedings is heard on May 20, 2009. If the Application is granted, the stay on creditor actions will automatically continue in effect.

May 14, 2009 - Pursuant to the Initial Order, the Petitioner’s application for an extension of stay will be heard on May 15, 2009.  If the Application is granted, the stay on creditor actions will automatically continue in effect until June 19, 2009.

May 20, 2009 - U.S. Chapter 15 proceedings -  The Monitor's Application for Recognition of Foreign Main Proceedings was heard on May 20, 2009.  The hearing on the Application is continued to 1:30 p.m. June 24, 2009, and the effective term of the Final Interim Order is extended through June 24, 2009.

May 19, 2009 - The Petitioner’s application for an extension of stay was heard on May 15, 2009 and the following Order was granted, which extended the Petitioner’s stay of proceedings to June 18, 2009:

June 18, 2009 - The Petitioner’s application for an extension of stay was heard on June 18, 2009 and the following Order was granted, which extended the Petitioner’s stay of proceedings to June 18, 2009:

June 24, 2009 - The Petitioner’s application for an extension of stay was heard on June 24, 2009 and the following Order was granted, which extended the Petitioner’s stay of proceedings to July 3, 2009:

At that hearing an application was made by a secured creditor and an Order was granted by the Court to appoint Grant Thornton Limited as Interim Receiver, Receiver and Manager (“Receiver”) of all assets, undertaking and properties of EGC Holdings Inc., EGC Properties Ltd. and Frank Sisson’s Silver Dollar Ltd.

June 24, 2009 - U.S. Chapter 15 proceedings -  The Monitor's Application for Recognition of Foreign Main Proceedings was heard on May 20, 2009 and was extended on June 24, 2009.  The hearing on the Application is continued to 1:30 p.m. July 6, 2009, and the effective term of the Final Interim Order is extended through July 6, 2009.

July 3, 2009 - The Petitioner’s application for an extension of stay was heard on July 3, 2009 and the following Order was granted, which extended the Petitioner’s stay of proceedings to September 1, 2009.  The Order further appoints Grant Thornton Limited as the Monitor over all of the Petitioners, with the exception of Evergreen Gaming Corporation and Washington Gaming, Inc.

At that hearing an application was made by a secured creditor and an Order was granted by the Court to appoint Grant Thornton Limited as Interim Receiver, Receiver and Manager (“Receiver”) of all assets, undertaking and properties of the Petitioner as outlined in Schedule “B” of the Order.

July 6, 2009 – U.S. Chapter 15 proceedings – The Monitor’s application for recognition of Foreign Main Proceeding was heard on July 6, 2009 with respect to Evergreen Gaming Corporation and Washington Gaming, Inc.

In addition, an order amending and modifying the terms of the Interim Orders granting foreign representatives emergency request for relief was heard and Grant Thornton Limited as Receiver was recognized as the Foreign Representative with respect to all of the companies listed in the Initial Order with the exception of Evergreen Gaming Corporation and Washington Gaming Inc.

For all questions with respect to the companies other than Evergreen Gaming Corporation and Washington Gaming, Inc., please contact Grant Thornton Inc. at 604-687-2711.

July 10, 2009 - On July 10, 2009, the Petitioners filed their Plan of Arrangement or Compromise (“Plan”) with the Court and an Order was granted by the Court which approved the submission of the Plan to the Petitioners' creditors. The Meeting of Creditors will take place at 10:00 am PST on Aug 12, 2009 at the offices of Deloitte & Touche Inc., 2800-1055 Dunsmuir Street, Vancouver, BC.  The Claims Bar Date for submitting Proof of Claim forms is 5:00 pm PST on Friday, Aug 7, 2009 to the office of the Monitor, Deloitte & Touche Inc. All documents related to this matter and the filing of claims are provided below:

August 14, 2009 - At the creditors meeting which was held on August 12, 2009, the secured creditors voted to accept the Plan of Arrangement for Evergreen Gaming Corp. The Plan of Arrangement for Washington Gaming, Inc. was accepted by the secured creditors, however, it was not accepted by the general creditor class. The outcome of the vote has been submitted to the Court to rule on the disputed claims as the Plan of Arrangement for Washington Gaming, Inc. was approved by the accepted claim holders and the final outcome will be impacted by the final determination on the validity and quantum of the disputed claims.

August 28, 2009 -  The Petitioner's application for an extension of stay was heard on August 28, 2009 and the following Order was granted, which extended the Petitioner's stay of proceedings with respect to Evergreen Gaming Corp. to November 20, 2009.

In addition, an Order approving the Washington Gaming Inc. secured creditor Plan of Arrangement was granted on August 28, 2009.

September 11, 2009 - On September 11, 2009, an Order approving the Evergreen Gaming Corporation creditors Plan of Arrangement was granted.

November 30, 2009 - The Petitioner's application for an extension of stay was heard on November 30, 2009 and the following Order was granted, which extended the Petitioner's stay of proceedings with respect to Washington Gaming, Inc. to January 31, 2010.

January 18, 2010 - On January 18, 2010, an Order approving the Washington Gaming, Inc. Plan of Arrangement ("Plan") for the general creditor class was granted. Prior to this, the Petitioners entered an amended Plan which retained the terms of the first Plan and added the requirement for the initial payment to be made upon the completion date to the general creditor class. There were no changes to the Plan with respect to the secured creditor class.

Should you have any further questions please contact Delwin Yung at 604-640-3007.