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South Shore Seafoods

Introduction and Overview

On September 21, 2023, Toronto-Dominion Bank (the “Applicant") brought an application (the “Initial Application") before the Court of King's Bench of New Brunswick Trial Division (the “Court") pursuant to the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA") to, among other things, obtain a stay of proceedings for South Shore Seafoods Ltd., Captain Cooke's Seafood Inc., By the Water Shellfish (2012) Inc., South Shore Seafoods International Ltd., Can-Am Lobster and Shellfish Ltd., Bridge Lobsters Limited and Arsenault's Fish Mart Inc. (each a “Debtor" and collectively the “Debtors") to allow them to prepare for a going concern sale of the Debtors' businesses while exploring other restructuring alternatives.

On that same day, the Court granted orders (the “Initial Orders") in these CCAA proceedings (the “CCAA Proceedings") that, among other things:

appointed Deloitte Restructuring Inc. (“Deloitte") as the monitor of the Debtors (the “Monitor");
appointed David Boyd, as a representative of Resolve Advisory Services Ltd. (“Resolve") as the chief restructuring officer (the “CRO") of the Debtors;
ordered a stay of proceedings in favor of the Debtors up to and including October 1, 2023 (the “Stay Period");
granted an administration charge in the amount of $250,000 (the “Administration Charge") in favour of the Monitor, Monitor's counsel, Applicant's counsel, Debtors' counsel limited to an aggregate maximum amount of $25,000, and the CRO;
granted a directors' charge in favour of the directors and officers of the Debtors in the amount of $375,000 (the “Directors' Charge");
approved an interim financing facility with a maximum borrowing limit of $3,000,000 (the “DIP Facility") provided by the Applicant and granted a charge in favor of the Applicant (“the “DIP Lender's Charge").

The Stay Period was recently extended until and including April 30, 2024.

NOTICE IS HEREBY GIVEN THAT, pursuant to an order of the Court of the King's Bench of New Brunswick, Trial Division, Judicial District of Saint John granted January 29, 2024 (the "Priority Claims Order''), any person who believes that they have a Priority Claim against the Debtors must send a Proof of Claim to the Monitor to be received by 5:00 p.m. (Atlantic time) on April 1, 2024 (the "Priority Claims Bar Date"). All capitalized terms not defined herein have the meanings ascribed to them in the Priority Claims Order.

PROOFS OF CLAIM WHICH ARE NOT RECEIVED BY THE PRIORITY CLAIMS BAR DATE WILL BE FOREVER EXTINGUISHED AND SUCH PRIORITY CLAIMANTS WILL BE FOREVER BARRED, ESTOPPED AND ENJOINED FROM ASSERTING OR ENFORCING A PRIORITY CLAIM AGAINST THE PURCHASED ASSETS, THE DEBTORS OR THE PURCHASER.

PLEASE NOTE THAT ANY PERSON WITH A SECURED CLAIM OR UNSECURED CLAIM IS NOT REQUIRED TO SUBMIT A PROOF OF CLAIM IN THIS PROCESS IN RESPECT OF SUCH SECURED CLAIM OR UNSECURED CLAIM AT THIS TIME. ANY SECURED CLAIMS OR UNSECURED CLAIMS RECEIVED BY THE APPLICANTS AND THE MONITOR WILL NOT BE ACCEPTED, SETTLED OR DISPUTED, NOR WILL THEY BE FOREVER BARRED, EXTINGUISHED OR DISCHARGED.

Contact Information

If you have any questions regarding this matter, please contact Deloitte Restructuring Inc. at the following address:

Deloitte Restructuring Inc.

Attention: In its capacity as Court Appointed Monitor of

South Shore Seafoods Ltd., Captain Cooke's Seafood Inc., By the Water Shellfish (2012) Inc., South Shore Seafoods International Ltd., Can-Am Lobster and Shellfish Ltd., Bridge Lobsters Limited and Arsenault's Fish Mart Inc.

Suite 800 1741 Lower Water Street Halifax NS B3J 0J2

Persons requiring further information not available on the Website should email the Monitor at southshoreseafoods@deloitte.ca or call the Monitor's toll free hotline at 833-422-7516.

Documents

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