1743122 Ontario Inc., 3851168 Canada Inc. and 798862 Ontario Limited (formerly known as Kraus Inc., Kraus Canada Inc. and, Strudex Fibres Limited)

Bankruptcy

Page last updated: August 28, 2012

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.


On June 11, 2012, pursuant to applications made by Pinnacle Capital Resources Limited, in its capacity as general partner of Red Ash Capital Partners II Limited Partnership, the Ontario Superior Court of Justice in Bankruptcy and Insolvency issued orders pursuant to the Bankruptcy and Insolvency Act, R.S.C. 1985, c B-3 as amended (the “BIA”) adjudging each of Kraus Inc., Kraus Canada Inc. and Strudex Fibres Limited (the “Companies”) bankrupt.

Notice of the bankruptcy and the first meeting of creditors and materials relating to the bankruptcy proceedings was mailed by the Trustee to all known creditors of the Companies, pursuant to the provisions of the BIA on June 18, 2012.

The First Meeting of Creditors was held on June 27, 2012, at the Waterloo Inn Conference Hotel, Heritage Room, 475 King Street North, Waterloo, Ontario, at the following times:

1743122 Ontario Inc. (formerly known as Kraus Inc.) 10:30 a.m.
798862 Ontario Limited (formerly known as Strudex Fibres Limited) 11:30 a.m.
3851168 Canada Inc. (formerly known as Kraus Canada Inc.) 12:30 a.m.

For information on the receivership proceedings, please visit our website at www.pwc.com/car-kraus.


Status as of August 28, 2012

On August 15, 2012, Mercer informed the Trustee that Mercer were appointed Administrator of the Registered Pension Plans for Kraus Inc. and Strudex Fibres Limited by the Superintendent of Financial Services Limited of Ontario pursuant to Subsection 71(1) of the Pension Benefits Act, Ontario. A copy of their appointment is posted under the Bankruptcy Materials tab.

Status as of August 15, 2012

On August 9, 2012, Morneau Shepell Ltd. informed the Trustee that Morneau Shepell Ltd. were appointed Administrator of the Registered Pension Plan for Employees of Kraus Canada Inc. by the Superintendent of Pensions of Manitoba pursuant to clause 8(3)(c) of the Pension Benefits Act of Manitoba. A copy of their appointment is posted under the Bankruptcy Materials tab.

Status as of June 14, 2012

On June 13, 2012, the corporate names of Kraus Inc., Kraus Canada Inc. and Strudex Fibres were changed as required by the Sale Agreement to 1743122 Ontario Inc., 3851168 Canada Inc. and 798862 Ontario Limited respectively.


This Web site will be updated as information becomes available.