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On May 3, 2010, in accordance with the provisions of the BIA, the Notice and Statement of the Receiver was issued to all known creditors of the Debtors.
On December 20, 2010, the Court of Queen’s Bench of Alberta issued an Order approving the activities, statement of receipts and disbursements and the fees and disbursements of the Receiver and its legal counsel. The Court also approved the Receiver’s discharge upon the filing of a certificate certifying that it has completed the other activities described in the Final Report.
On December 14, 2010, the Receiver filed its Third and Final Report to the Court to seek an order (i) approving the Final Report and the activities of the Receiver; (ii) approving the Receiver’s statement of cash receipts and disbursements dated December 10, 2010; (iii) approving the fees and disbursements of the Receiver and its counsel; (iv) that PwC shall have no further liability in respect of any steps taken or amounts distributed or to be distributed by the Receiver; (v) ordering that PwC has duly and properly discharged its duties, responsibilities and obligations as the Receiver and is discharged and released from any and all further obligations as the Receiver; (vi) directing that all amounts payable by Norseman Structures Inc. pursuant to the Asset Purchase Agreement (“APA”) be paid to CIBC as Administrative Agent for a senior lending syndicate comprised of CIBC and The Bank of Nova Scotia; and, (vii) directing that all future reports required to be delivered to the Receiver by Norseman pursuant to the APA be delivered to CIBC as opposed to the Receiver.
On August 6, 2010, the Court approved an Order for the distribution of proceeds.
On July 30, 2010, the Receiver prepared its Second Report to the Court to provide an update on the Receivership Proceedings, and to seek an order (i) approving a distribution to CIBC of $11,250,000; (ii) authorizing the Receiver to make the Future Distributions, as defined; (iii) approving a distribution of $128,419 to the City of Saskatoon; (iv) authorizing the Receiver to fund the fees and expenses of the Trustee in an amount not to exceed $20,000 without further order of the Court; and (v) approving the activities of the Receiver as set out in its Second Report, including the Receiver’s Statement of Cash Receipts and Disbursements. A motion will be heard on August 6, 2010.
On June 11, 2010, the Court approved the Sale Transaction and Sale Agreement to Norseman Structures Inc.
On June 7, 2010, the Receiver prepared its First Report to inform the Court of (i) the Receiver’s activities to date; (ii) claims asserted by Allied Tube & Conduit Corporation and Intertape Polymer Group Inc. for the repossession of goods in the Company’s possession; (iii) the results of the Sale Process undertaken by the Receiver in respect of the Property to Norseman Structures Inc.; and (iv) the Receiver’s receipts and disbursements from the Date of Appointment to May 21, 2010.
On June 11, 2010, the Receiver will make a motion for an Order (i) approving the sale of substantially all of the Property of the Company to Norseman; (ii) approving the First Report and the activities of the Receiver; and (iii) sealing the confidential appendices to the First Report pending the closing of the Sale Transaction.
This Web site will be updated as information becomes available.