Few days to meeting
Update to Affected Users:
The purpose of this communication is to update Affected Users on the ongoing bankruptcy proceedings.
Please note that we have received notice from Ernst & Young Inc. that the Applicants’ bankruptcy proceedings under the Bankruptcy and Insolvency Act have commenced. A copy of the Order of the Court terminating the CCAA proceedings and authorizing the transition into bankruptcy can be found here (the “Bankruptcy Transition Order”).
Below are a few key highlights of the Bankruptcy Transition Order:
Although the bankruptcy proceedings have commenced, the CCAA proceedings will be formally terminated when the Monitor files with the Court a discharge certificate. Certain expenses need to be paid and the Monitor’s and its counsel’s and Representative Counsel’s fees need to be approved by the Court within the CCAA proceedings.
Ernst & Young Inc. will transition its role from Court-appointed Monitor to Trustee in Bankruptcy.
Grant Thornton Limited, as Chief Restructuring Officer, will be discharged as CRO once the Monitor files the discharge certificate.
The Representative Counsel Appointment Order, the Official Committee Appointment Order and certain other orders granted within the CCAA proceedings will continue to have effect in the bankruptcy proceedings.
At the first meeting of creditors in the bankruptcy proceedings, Representative Counsel will file an omnibus proof of claim on behalf of Affected Users for purposes of voting on the matters at the first meeting.
The first meeting of creditors is tentatively scheduled for May 2, 2019 at 10:00 a.m. (Halifax time).
Representative Counsel will continue to keep Affected Users apprised of relevant developments. For answers to commonly asked questions, please refer to our FAQ and updated FAQ sheets. Further information can be found about the proceedings at our website here.
Affected Users are encouraged to voice their concerns by tweeting to the Official Committee. Affected Users’ questions and comments will be forwarded by the Official Committee to Representative Counsel for compilation and answer via updated FAQs. The Official Committee’s twitter account (@QCXCommittee) can be found here
https://twitter.com/QCXCommittee
