On August 26, 2014, Mercator Minerals Ltd. ("Mercator") and its wholly owned subsidiary, Creston Moly Corp. ("Creston") (together, the "Companies") filed a Notice of Intention to Make a Proposal under Section 50.4(1) of the Bankruptcy and Insolvency Act (Canada) ("BIA").The Companies were not able to obtain further sources of funding to allow a proposal to be made to the Companies' creditors. Pursuant to section 50.4(8) of the BIA, the Companies were deemed to have filed assignments in bankruptcy on September 5, 2014. Deloitte Restructuring Inc. was appointed as Trustee of the estates of the Companies by the Official Receiver.
Mercator announcement – August 26, 2014On August 27, 2014 the following documents were mailed to known creditors:Creditor package, incorporating:Covering Letter explaining packageNOI of Mercator with list of known creditors with debts greater than $250 as at August 26, 2014Certificate of Filing NOIConsent of the TrusteeOn September 9, 2014, the Official Receiver issued a Certificate of Assignment in Bankruptcy for Creston, effective from the date of bankruptcy, being September 5, 2014.Certificate of AssignmentOn September 11, 2014, the following documents were mailed to known creditors:Creditor package, incorporating:Form 67 – Notice of Bankruptcy and First Meeting of CreditorsForm 78 – Statement of AffairsCertificate of AssignmentProof of Claim On September 25, 2014 the Trustee's appointment was affirmed by the creditors at the first meeting of creditors. The following document was tabled at the meeting:Trustee's Preliminary Report dated September 24, 2014November 25, 2014 – On November 25, 2014, the Trustee filed a Notice of Application to seek the approval of the Court to engage a financial advisor to undertake a sale and marketing process for Creston Moly Corp. and its assets. Posted to the website are the following documents:Notice of Application – November 25, 2014Affidavit #1 of Huey Lee – November 25, 2014December 5, 2014 – The Trustee’s application was heard on December 2, 2014 and the following order was made authorizing and directing the Trustee to engage Deloitte Corporate Finance Inc. to undertake a sale and marketing process for Creston Moly Corp. by way of share or asset sales:Entered Order – December 4, 2014 January 13, 2015 - The Trustee issued a letter to creditors giving notice that a final dividend would be made to proven creditors, subject to the successful closing of a transaction for the sale of the shares of Creston. All creditors must submit proof of claim forms (along with supporting documentation) to the Trustee by no later than January 23, 2015 in order to be eligible for a dividend distribution. Any and all claims received after this date shall be forever barred and extinguished. The Trustee will also be seeking its discharge to take effect once the final dividend is paid.Notice requiring creditors to prove claims - January 13, 2015January 30, 2015 – On January 16, 2015, the Trustee of Mercator entered into an agreement to sell the shares of Creston to Starcore Mines International Ltd. for cash consideration of $2 million (the “Creston Transaction”). On January 30, 2015, the Trustee of Creston filed a Notice of Application to seek its discharge, and the discharge of Creston from bankruptcy proceedings, subject to the closing of the Creston Transaction and the payment of a final distribution to creditors. Posted to the website are the following documents:Notice of Application – January 30, 2015Trustee's Final Report – January 29, 2015February 3, 2015 – Following discussions with the Office of the Superintendent in Bankruptcy, the Trustee of Creston has amended its Final Statement of Receipts and Disbursements and is seeking revised Orders in the application to Court set for hearing on February 4, 2015. Posted to the website are the following documents:Addendum to Trustee's Final Report dated February 3, 2015Revised form of Order (Discharge of Bankrupt)Revised form of Order (Discharge of Trustee)February 4, 2015 – The Trustee’s application was heard on February 4, 2015 and the following orders were made approving the discharge of Creston, and the Creston Trustee, subject to the closing of the Creston Transaction and the payment of a final distribution to creditors:Entered Order (Discharge of Bankrupt) – February 4, 2015Entered Order (Discharge of Trustee) – February 4, 2015March 2, 2015 – The Trustee closed the Creston Transaction and made payment of the final distribution to creditors of Creston on February 13, 2015. The discharge of Creston and the Creston Trustee took place on February 24, 2015. Posted to this website are the following documents:Trustee’s Certificate – Discharge of Bankrupt – February 24, 2015Trustee’s Certificate – Discharge of Trustee – February 24, 2015Contact: General and creditor inquiries may be directed to Mr. Paul Chambers:Deloitte Restructuring Inc. 2800 - 1055 Dunsmuir StreetVancouver, BC V7X 1P4Telephone: 604-640-3368Fax: (604) 602-1583Press enquiries regarding the bankruptcy proceedings may be directed to Caitlin Stidwell at 416-775-7144.
On August 27, 2014 the following documents were mailed to known creditors:
On September 9, 2014, the Official Receiver issued a Certificate of Assignment in Bankruptcy for Creston, effective from the date of bankruptcy, being September 5, 2014.
On September 11, 2014, the following documents were mailed to known creditors:
On September 25, 2014 the Trustee's appointment was affirmed by the creditors at the first meeting of creditors. The following document was tabled at the meeting:
November 25, 2014 – On November 25, 2014, the Trustee filed a Notice of Application to seek the approval of the Court to engage a financial advisor to undertake a sale and marketing process for Creston Moly Corp. and its assets. Posted to the website are the following documents:
December 5, 2014 – The Trustee’s application was heard on December 2, 2014 and the following order was made authorizing and directing the Trustee to engage Deloitte Corporate Finance Inc. to undertake a sale and marketing process for Creston Moly Corp. by way of share or asset sales:
January 13, 2015 - The Trustee issued a letter to creditors giving notice that a final dividend would be made to proven creditors, subject to the successful closing of a transaction for the sale of the shares of Creston. All creditors must submit proof of claim forms (along with supporting documentation) to the Trustee by no later than January 23, 2015 in order to be eligible for a dividend distribution. Any and all claims received after this date shall be forever barred and extinguished. The Trustee will also be seeking its discharge to take effect once the final dividend is paid.
January 30, 2015 – On January 16, 2015, the Trustee of Mercator entered into an agreement to sell the shares of Creston to Starcore Mines International Ltd. for cash consideration of $2 million (the “Creston Transaction”). On January 30, 2015, the Trustee of Creston filed a Notice of Application to seek its discharge, and the discharge of Creston from bankruptcy proceedings, subject to the closing of the Creston Transaction and the payment of a final distribution to creditors. Posted to the website are the following documents:
February 3, 2015 – Following discussions with the Office of the Superintendent in Bankruptcy, the Trustee of Creston has amended its Final Statement of Receipts and Disbursements and is seeking revised Orders in the application to Court set for hearing on February 4, 2015. Posted to the website are the following documents:
February 4, 2015 – The Trustee’s application was heard on February 4, 2015 and the following orders were made approving the discharge of Creston, and the Creston Trustee, subject to the closing of the Creston Transaction and the payment of a final distribution to creditors:
March 2, 2015 – The Trustee closed the Creston Transaction and made payment of the final distribution to creditors of Creston on February 13, 2015. The discharge of Creston and the Creston Trustee took place on February 24, 2015. Posted to this website are the following documents:
General and creditor inquiries may be directed to Mr. Paul Chambers:Deloitte Restructuring Inc. 2800 - 1055 Dunsmuir StreetVancouver, BC V7X 1P4Telephone: 604-640-3368Fax: (604) 602-1583
Press enquiries regarding the bankruptcy proceedings may be directed to Caitlin Stidwell at 416-775-7144.
Last updated Dec 19, 2020
