In the Matter of the Plan of Arrangement of Blue Note Caribou Mines Inc. under the Companies' Creditors Arrangement Act
CCAA Filing Information
This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
Status of File as at November 20, 2009
November 20, 2009 update
The Company and the Monitor have now entered into an agreement of purchase and sale for all assets of BNCM located at the mine site in Caribou and Restigouche with Maple Minerals Ltd., and stage 1 of the sale has now been completed.
Funds have been received and the DIP funding repaid, and an initial payout to the first secured creditor has also been made in accordance with the Order of the Court.
On November 13, 2009 the Court heard an application to extend the CCAA Initial Order to May 21, 2010 as per the Order attached below.
As a result of this sale, it is now certain that there will be no funds available for payment to any other creditors of the Company other than the noteholders.
The buyer wishes to acquire the mine in order to operate, and in that regard requires that certain issues be brought before the Court for consideration and resolution. These include:
- The Fern Trust potential ownership interest(NPI)
- Lienholder claims for Mechanic’s Lien
- Government licenses and permits
- Technology license transfers
- Subordinate secured creditor and judgement claims
All of the above and more will be brought to the attention of the Court as part of an application to approve the sale of the lands and other assets. For further details please review the Notice of Motion dated November 19, 2009 and related affidavit of the Monitor. More materials will be posted from time to time as received from the other parties to this matter.
Interested parties are notified that there will be a hearing shortly on notice to approve the sale of the lands and intangible assets, and the date of that hearing will be posted on this website and no other notice provided except to those persons specifically requesting same from the Monitor.
The Mine sites will likely now remain on care and maintenance until the Court disposes of the application for sale. The mine is not being dewatered and continues to flood.
It is our understanding that the re-opening plan will be prepared over the coming weeks, and pending the decision of the Court to approve the sale, the actual work to reopen the mine will start with the first thaw in the spring of 2010.
The new CEO for the buyers is Dr. Geoffrey Cowley. A direct email and mailing address will be available shortly and will be put forward on this website when available.;
PricewaterhouseCoopers Inc. was appointed as Monitor of Blue Note Caribou Mines Inc. (the “Company”) on February 20, 2009 pursuant to the Initial Order under the Companies’ Creditors Arrangement Act. A copy of the Initial Order can be downloaded from the Court Orders section of this web site.
Further information will be posted to this website on a periodic basis, and interested parties are encouraged to bookmark the site and refer to it regularly. As a convenience to creditors, in many cases, notices of motions will only be available on this site. Any creditor wishing to receive the full documents on motions by facsimile should contact the Monitor in writing with that request.
October 15, 2009 update
The Company and the Monitor have now entered into an agreement of purchase and sale for all assets of BNCM located at the mine site in Caribou and Restigouche with 647078 N.B. Ltd. Further details will follow on this website as operating decisions are made and the application to Court filed to approve the sale of the lands, etc.
The sale agreement was finalized at 0800 hours local time, at which time the auction set for September 30, 2009 was cancelled. The Monitor regrets the late notice to the various bidders who attended at the site that day. The auction notices did provide that the auction could be cancelled at any time for exactly this reason.
The Court has extended the CCAA Initial Order to November 21, 2009 as per the Order attached below. In this same Order, the Court has recognized that there is likely no plan of arrangement, and in that same Order authorized the Monitor to commence the sale of the tangible assets of Caribou Mines.
As a result of this sale, it is now certain that there will be no funds available for payment to any other creditors of the Company other than the noteholders.
The buyer wishes to acquire the mine in order to operate, and in that regard requires that certain issues be brought before the Court for consideration and resolution. These include:
- The Fern Trust potential ownership interest(NPI)
- Lienholder claims for Mechanic’s Lien
- Government licenses and permits
- Technology license transfers
- Subordinate secured creditor and judgement claims
All of the above and more will be brought to the attention of the Court as part of an application to approve the sale of the lands and other assets.
Interested parties are notified that there will be a hearing shortly on notice to approve the sale of the lands and intangible assets.
The Mine sites will likely now remain on care and maintenance until the Court disposes of the application for sale, and continues to flood.
It is our understanding that the re-opening plan will be prepared over the coming weeks, and the actual work to reopen the mine will start with the first thaw in the spring of 2010.
Contact information for the purchasers will also be available on this website when available.
PricewaterhouseCoopers Inc. was appointed as Monitor of Blue Note Caribou Mines Inc. (the “Company”) on February 20, 2009 pursuant to the Initial Order under the Companies’ Creditors Arrangement Act. A copy of the Initial Order can be downloaded from the Court Orders section of this web site.
Further information will be posted to this website on a periodic basis, and interested parties are encouraged to bookmark the site and refer to it regularly. As a convenience to creditors, in many cases, notices of motions will only be available on this site. Any creditor wishing to receive the full documents on motions by facsimile should contact the Monitor in writing with that request.
For more information, please contact: David Boyd, Telephone: +1 (506) 653 9425, Fax: +1 (506) 657 4404.
This Web site will be updated as information becomes available.
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Approval and Vesting Order, September 28, 2010 |
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Court Order re BNCMI |
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Order extending CCAA to September 10, 2010 |
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Court of Appeal decision May 20, 2010 |
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Decision of the Court March 12, 2010 |
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Decision of the Court January 11, 2010 |
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Hachey Construction et al Mechanic's Lien Act Order December 15, 2009 |
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Order extending Initial Order to May 21 2010 |
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Order authorizing Mechanics Lien filing Nov 13 2009 |
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Court Order, dated September 29, 2009 |
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Court Order, dated July 27, 2009 |
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Order to continue in bankruptcy |
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Blue Note Order, dated May 20, 2009 extending Initial Order. |
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Order of the Court, dated March 20, 2009. |
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Initial Order, dated February 20, 2009. |
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Monitor's Reports to the Court:
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Ninth Report of the Monitor with Exhibits - D |
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Ninth Report of the Monitor with Exhibits - C |
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Ninth Report of the Monitor with Exhibits |
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Eighth Report of the Monitor dated August 23, 2010 |
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Seventh Report of the Monitor dated May 13, 2010 |
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Sixth report of the Monitor dated January 5 2010 |
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Monitor's Fifth Report, dated November 2, 2009 |
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Fourth Interim report, dated September 30, 2009 |
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Third report of the Monitor, dated July 15, 2009 |
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Second report of the Monitor, dated May 14, 2009. |
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First report of the Monitor, dated March 16, 2009. |
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Motion Materials in support of Court applications:
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Affidavit of Patricia Wakelin |
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Affidavit of Dr. Geoff Cowley Exhibits A - M |
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Affidavit of Dr. Geoff Cowley |
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Notice of Motion with draft order attached (remainder of Exhibit B) |
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Notice of Motion with draft order attached |
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Notice of Motion dated August 23, 2010, seeking an extension of the stay of proceedings scheduled to expire September 10, 2010 |
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Notice of Motion, dated May 13, 2010 |
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Affidavit of Robert C. Smith, dated May 13, 2010 |
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Notice of Motion |
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Executed Affidavit Dave Langille 5 Jan 2009 |
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Exhibit A - Langille |
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Exhibit B to L - Langille |
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Exhibit M to Z - Langille |
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Exhibit AA to MM - Langille |
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Exhibit NN to ZZ - Langille |
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Exhibit AAA to CCC - Langille |
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B Kerrigan Affidavit 5 Jan 2010 |
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HBM Affidavit 5 Jan 2010 Scan 1 of 26 |
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HBM Affidavit 5 Jan 2010 Exhibit A to H - Scan 2 to 9 of 26 |
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HBM Affidavit 5 Jan 2010 Exhibit I to Y - Scan 10 to 26 of 26 |
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Affidavit of Robert Smith, dated December 31, 2009 |
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Amended Notice of Motion, dated December 31, 2009 |
| Affidavit of Robert Smith dated December 10, 2009: |
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Part 1 |
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Part 2 |
| Notice of Motion by Breakwater Resources Ltd. returnable December 11, 2009 with attachments: |
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Part 1 |
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Part 2 |
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Part 3 |
Plan of Arrangement and amendments:
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Initial Notice to Creditors, February 2009. |
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Notice of Initial Order — creditor package |
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Proof of claim form |
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