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South Shore Seafoods

Introduction and Overview

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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:


    1. ​appointed Deloitte Restructuring Inc. (“Deloitte") as the monitor of the Debtors (the “Monitor");
    2. appointed David Boyd, as a representative of Resolve Advisory Services Ltd. (“Resolve") as the chief restructuring officer (the “CRO") of the Debtors; 
    3. ordered a stay of proceedings in favor of the Debtors up to and including October 1, 2023 (the “Stay Period");
    4. 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;
    5. granted a directors' charge in favour of the directors and officers of the Debtors in the amount of $375,000 (the “Directors' Charge");
    6. 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 January 31, 2024. On or before December 20, 2023, the Monitor will provide a report to the Court as to the results of Phase 1 of the SISP.​



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

The documents hosted on this page may not meet Provincial Accessibility standards. We will respond to any requests for accessible formats regarding public documents and address those requests in a timely and appropriate manner. Please contact us at ashkeene@deloitte.ca.

1)  Court Orders



2)  Motion Materials



3)  Reports



4)  Notices and Other Documents



5)  Service Lists



6)  Relevant Links





Last updated Nov 9, 2023

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