On August 9, 2013, Grantech Engineering International Inc. (“Grantech”) filed a Notice of Intention to Make a Proposal (the “NOI”) under Section 50.4(1) of the Bankruptcy and Insolvency Act (the “BIA”). Pursuant to Section 69 of the BIA, all proceedings against Grantech were stayed as of that date.
Attached is a copy of the creditor package issued in respect of the NOI, which includes a list of Grantech’s known creditors as well as a letter from Deloitte Restructuring Inc. consenting to act as Trustee under the proposal.
Pursuant to Section 50.4(2) of the BIA, on August 19, 2013, Grantech filed a statement of projected cash flow for the eight week period from the week ended August 18, 2013 to the week ended October 6, 2013 (the “Cash Flow”). The Cash Flow was accompanied by a report on the reasonableness of the Cash Flow signed by the Trustee. It was also accompanied by a report containing prescribed representations by Grantech’s management on the preparation of the Cash Flow. Creditors may obtain a copy of the Cash Flow upon request.
On August 26, 2013, the Trustee filed the Report of the Trustee on Material Adverse Change in Financial Circumstances. As stated therein, the Trustee is of the opinion that certain events have occurred since the filing of both the NOI and the Cash Flow, which represent a material adverse change in Grantech’s financial circumstances and could prevent Grantech from continuing its operations and from being able to file a proposal to its creditors.
Subsequently on September 9, 2013, Grantech was deemed to have made an assignment in bankruptcy and Deloitte appointed as Trustee of the estate of the bankrupt. The first meeting of creditors (the "First Meeting") is being held at Deloitte's offices at 700 Bankers Court, 850 - 2nd Street SW, Calgary, Alberta on Tuesday, September 24, 2013 at 1:30 p.m. In order to be eligible to vote at the First Meeting, creditors must have filed, prior to the First Meeting, a valid proof of claim form and, where necessary, a proxy. General and creditor inquiries may be made to Vanessa Grant at 403-298-5955.
Certificate of Filing of the NOICreditor Package - NOICreditor Package - Report of Trustee on Material Adverse Change in Financial CircumstancesCreditor Package - September 13, 2013Trustee’s Preliminary Report
Mar 11, 2015