As you are aware, on April 11, 2014, 3 Eau Claire filed a Notice of Intention to Make a Proposal (the "NOI") under Section 50.4(1) of the Bankruptcy and Insolvency Act (the "BIA"). Deloitte Restructuring Inc. consented to act as Trustee under the NOI.3 Eau Claire was granted an initial 30-day stay of proceedings (the "Initial Stay") pursuant to Section 69(1) of the BIA. 3 Eau Claire was required to file a proposal (a "BIA Proposal") within the Initial Stay or within any further extension of that period granted by the Court of Queen's Bench of Alberta (the "Court"). The Court granted five Orders extending the stay of proceedings with the most recent order being granted on August 15, 2014 (the "August 15 Order") and extending the stay of proceedings until September 29, 2014. The August 15 Order further appointed Deloitte as receiver (the "Receiver"), without security over all of 3 Eau Claire's current and future assets, undertakings and properties of every nature and kind whatsoever and wherever situate, including all proceeds thereof (the "Property"). The Property consisted mainly of development land located at 633 3rd Avenue SW in Calgary, Alberta (the "Lands") on which 3 Eau Claire intended to build an approximately 652,000 square foot mixed-use condominium project. Pursuant to the August 15 Order, 3 Eau Claire remained in possession of the Property with the Receiver being appointed for the limited purpose of negotiating the terms of a BIA Proposal (which could be done pursuant to a joint venture) or the outright sale of the Lands. On September 25, 2014, the Court granted two further Orders, which expanded Deloitte's powers as Receiver to those available under the Alberta model template Receivership Order. The Receiver was further authorized to enter into an agreement of purchase and sale for the Lands, with the Court approving the APS for the Lands and vesting title in the Lands to the purchaser free and clear of all encumbrances upon closing of the transaction contemplated in the APS. Subsequently, on September 29, 2014, 3 Eau Claire was deemed to have made an assignment in bankruptcy and Deloitte was appointed as Trustee of the estate of the bankrupt. The first meeting of the creditors of the bankrupt estate (the "First Meeting") is being held at Deloitte's offices at 700 Bankers Court, 850 2nd Street SW in Calgary on Monday, October 20, 2014 at 2:00 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.
For further information, please contact:
Vanessa A. Allen, B. Comm, CIRP
Deloitte Restructuring Inc.
700 Bankers Court
850 - 2 Street SW
Calgary, AB T2P 0R8
First Report of the TrusteeSecond Report of the TrusteeThird Report of the TrusteeSupplement to the Third Report of the TrusteeFourth Report of the TrusteeTrustee Preliminary Report
Orders granted on May 8, 2014Second extension Order - June 26, 2014Third Extension Order - July 17, 2014Fourth Extension Order – July 31, 2014Fifth Extension and Limited Receivership Order – August 15, 2014Amended and Restated Receivership Order - September 25, 2014Sale Approval and Vesting Order
Receiver's Discharge and Final Distribution Order
Application on May 8, 2014Application of 3 Eau Claire Developments Inc.Affidavit of Andrew Seong Jin Lee – May 5, 2014
Application on June 25, 2014Application of 3 Eau Claire Developments Inc. & Second Affidavit of Andrew Seong-Jin Lee – June 19, 2014
Application on July 16, 2014Third Affidavit of Andrew Seong-Jin LeeApplication of 3 Eau Claire Developments Inc.
Application on July 31, 2014 - Bosa Properties (Eau Claire) Inc.Application - Bosa Properties (Eau Claire) IncConsent to Act - PwC Blackline - Receivership Order to TemplateFirst Affidavit of Brett Sandler – July 28, 2014Second Affidavit of Brett Sandler – July 30, 2014 Fourth Affidavit of Andrew Seong-Jin Lee – July 30, 2014Affidavit of Cody Lamoureux – July 31, 2014
Application on August 15, 2014Affidavit of Walsh Mannas - August 13, 2014Affidavit of Andrew Seong-Jin Lee - August 14, 2014
Interim Distribution Application
Receiver's Discharge and Final Distribution Application
Apr 8, 2015