On January 20, 2023, Tehama commenced proceedings under the (the "CCAA Proceedings") Companies' Creditors Arrangement Act, R.S.C., 1985, c. C-36 (the "CCAA"), purusant to the Initial Order of Justice Kimmel of the Ontario Superior Court of Justice (Commercial List) (the "Court") dated January 20, 2023 (the "Initial Order"). On January 30, 2023, the Court granted the Amended and Restated Initial Order (the "ARIO"). The ARIO provided for a stay of proceedings until March 31, 2023 (the "Stay"), pursuant to which creditors were restrained from enforcing or exercising any rights or remedies against Tehama. The Stay was extended from time to time with the last Stay extension expiring on April 21, 2023.
Since the date of the Initial Order, the monitor filed four (4) reports in connection with the CCAA proceedings. The Fourth Report of the Monitor dated April 14, 2023 outlined the closing sale of Tehama assets and concluded that there was no ongoing benefit for the CCAA Proceedings to continue. The Court terminated the CCAA Proceedings pursuant to the Discharge Order dated April 20, 2023.
Subsequently, Tehama has made an assignment into bankruptcy effective April 24, 2023. Deloitte was appointed as trustee in bankruptcy of the Tehama estate (in such capacity, "Bankruptcy Trustee").
Jun 20, 2023