CCAA
On January 19, 2024 SimEx Inc. (“SimEx") and its subsidiaries, Iwerks Entertainment, Inc. (“Iwerks") and SimEx-Iwerks Myrtle Beach LLC (“SIMB" and, together with SimEx, collectively “SimEx-Iwerks") initiated proceedings (the "CCAA Proceedings") under the Companies Creditors Arrangements Act (“CCAA").
On the same day, the Ontario Superior Court of Justice (the “Court") granted an Initial Order which, among other things: (i) granted a stay of proceedings up to and including January 29, 2024; and (ii) appointed Deloitte Restructuring Inc. as Court-appointed monitor of the business and financial affairs of SimEx-Iwerks (in such capacity, the “Monitor").
On January 26, 2024, SimEx-Iwerks applied for and was granted relief from the Bankruptcy Court in Delaware, including:
On April 30, 2024 (the “Date of Bankruptcy"), Deloitte Restructuring Inc., in its capacity as monitor of SimEx, caused SimEx to file an assignment in bankruptcy (the “Assignment") under section 49 of the Bankruptcy and Insolvency Act (the “BIA"). Pursuant to the Assignment, Deloitte Restructuring Inc. was appointed as trustee of the estate (in such capacity, the “Trustee"). The Trustee's appointment is subject to confirmation by the creditors at the First Meeting of Creditors. The first meeting of creditors will be held on the 21st day of May, 2024 at 10:00 a.m. via video conference (Zoom meeting ID 989 9142 8219, password: 561482).
If you have any questions regarding this matter, please contact Deloitte Restructuring Inc. at the following address:
Deloitte Restructuring Inc.
Monitor of SimEx Inc., Iwerks Entertainment, Inc. and SimEx-Iwerks Myrtle Beach LLC
8 Adelaide Street West, Suite 200
Toronto, ON M5H 0A9
Persons requiring further information not available on this website should email the Monitor at simexinc@deloitte.ca or call the Monitor's toll-free hotline at 416-354-1487.
CCAA Court Orders
Last updated May 3, 2024
