Northern Sawmills Inc.
In Receivership
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 January 4, 2011, on the application of G.E. Canada Equipment Financing G.P. (“GE”), an Order was granted by the Ontario Superior Court of Justice (Commercial List) (the “Court”), pursuant to section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3, as amended (the “BIA”) and section 101 of the Courts of Justice Act, R.S.O. 1990, c.C-43, that appointed PricewaterhouseCoopers Inc. as receiver (the "Receiver") of all of the assets, undertakings and properties (the “Property”) of Northern Sawmills Inc. (“Northern” or the “Company”). On the same day, the Court authorized the Receiver to carry out and conduct a sales process in respect of all of the Property of Northern.
In accordance with the provisions of the BIA, a Notice and Statement of the Receiver was mailed to all known creditors of the Company on January 14, 2011.
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Notice and Statement of the Receiver dated January 14, 2011 |
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Blank Proof of Claim Form |
Status of File as of September 2, 2011
On Thursday, September 29th to Friday, September 30th an auction will be held by Maynards Industries Ltd. at Northern’s location at 490 Maureen Street, Thunder Bay, Ontario. For further details, follow the link to Maynards at http://www.maynards.com/auctions/industrial/auction_details?eventId=AAKPW100689.
Status of File as of August 12, 2011
On August 11, 2011, the Court granted an order (i) approving the Agency Sale Agreement between the Receiver and Maynards Industries Ltd. relating to the liquidation of the Northern Property; (ii) extending the deadline for finalizing an APA in the Northern Sale Process, as described in paragraph 12 (k) of the Receiver’s Report dated December 30, 2010 to July 22, 2011, nunc pro tunc; and (iii) sealing the summary of bids in respect of the Northern Property from Prospective Purchasers.
Status of File as of August 4, 2011
On July 27, 2011, the Receiver prepared its Third Report to advise and update the Court with respect to: (i) the status of the Northern Sale Process; (ii) the termination of the EACOM Transaction; (iii) the activities undertaken by the Receiver; (iv) the results of the review of the security granted by Northern in favour of its secured creditors; and v) to seek an order (a) extending the Northern Sale Process timeline up to and including July 22, 2011 nunc pro tunc; (b) approving the Agency Sale Agreement between the Receiver and Maynards Industries Ltd. relating to the liquidation of the Northern Property; (c) temporarily sealing the Bid Summary; (d) authorizing the Receiver to release to RBC the GIC Account and the amount of $85,000 held by Northern in the GIC Account; (e) increasing the Receiver’s borrowing limit to $400,000; and (e) approving the Reports and the activities of the Receiver.
A motion was heard on August 3, 2011. An Order was approved for the above matters, except (i) approval of the Agency Sale Agreement between the Receiver and Maynards; and (ii)extension of the Northern Sale Process timeline, which were adjourned to August 11, 2011.
Status of File as of July 25, 2011
On July 14, 2011, PricewaterhouseCoopers Inc. filed its Second Report as Receiver in support of a motion by the Receiver for advice and direction from the Court with respect to the applicability of the Wage Earner Protection Program Act (“WEPPA”) to Northern’s former unionized employees. The motion was heard on July 21, 2011 and the Court found that all of Northern’s former unionized employees have an employment termination date of July 6, 2010, making them eligible to make a claim under the WEPPA program.
Status of File as of January 17, 2011
On January 13, 2011, PricewaterhouseCoopers Inc. filed its First Report as Receiver in support of a motion by the Receiver for an order approving the Receiver’s newspaper advertisement and teaser necessary to give effect to the Sales Process. The motion was heard on January 14, 2011, and the Court approved an Order for the Sale Process Forms of Advertisement and “Teaser”.
This Web site will be updated as information becomes available.
For more information, please contact: Donna Smith, Telephone: +1 416 941 8383, ext. 14288, or via Email.
