Take notice that on February 23, 2022, Trinity Ravine Community Inc. (the "Applicant") sought and obtained protection pursuant to the Companies' Creditors Arrangement Act (the "CCAA") before the Ontario Superior Court of Justice (Commercial List) (the "Court").
Deloitte Restructuring Inc. has been appointed as monitor in the Applicant's CCAA proceeding (the "Monitor") pursuant to the Initial Order of the Court dated February 23, 2022 (the "Initial Order"). An Amended and Restated Initial Order was granted on March 4, 2022 (the “Restated Initial Order").
Please be advised that the Restated Initial Order, among other things, provides for a stay of proceedings (the "Stay Period"). The Stay Period was most recently extended to October 31, 2022. The Stay Period may be extended by the Court from time to time.
On Friday March 4, 2022, the Court approved a Sale and Investment Solicitation Process ("SISP") with respect to the development land and/or the development project. The purpose of the SISP to ultimately monetize the assets thereby providing the Company with funds to pay back the creditors. In accordance with the SISP, the Final Bid Deadline was extended to July 11, 2022.
On September 15, 2022 the Court issued an Approval and Vesting Order, which among other things, approved a sale transaction for the Applicant's Property. Creditors will be provided further information in due course.
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 Trinity Ravine Community Inc. Bay Adelaide East 8 Adelaide Street West, Suite 200 Toronto, ON M5H 0A9
Persons requiring further information not available on the Website should email the Monitor at email@example.com or call the Monitor's phone number at 416-202-2800.
Sep 26, 2022