1502201 Ontario Inc. (formerly Poraver North America Limited)

Notice of Intention to make a Proposal

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 November 1, 2010, Poraver North America Limited (“Poraver”) filed a Notice of Intention to Make a Proposal (“NOI”) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (Canada) (“BIA”) and PricewaterhouseCoopers Inc. was named as the trustee under the NOI (the “Trustee”).

Notice of the NOI and the Trustee’s appointment was sent to all affected creditors of Poraver on November 3, 2010. A copy of the NOI, the Certificate of Filing of the NOI and the package mailed to all creditors are attached below.

	Notice of Intention and Certificate of Filing
	Trustee's Certificate of Appointment
	Notice to Creditors

The Trustee is currently working with Poraver on a sales Process in which Poraver is seeking a party interested in purchasing the company. Any party interested in purchasing Poraver should contact Donna Smith at +1 416 941 8383, Extension 14288.

Status of File March 15, 2011

The Court approved an order for the motion heard on March 9, 2011.

Status of File March 3, 2011

On March 2, 2011, the Proposal Trustee prepared its Fourth Report to the Court to seek an order (i) approving the Proposal Trustee’s activities to date; (ii) approving a distribution to the post filing creditors of the Company and to TD Capital Mezzanine Partners Management Ltd.; (iii) approving the Proposal Trustee’s final statement of receipts and disbursements, including the fees and disbursements of the Proposal Trustee and its counsel; and (iv) declaring that, upon completion of the Distribution and filing of the Interim Completion Certificate, the Proposal Trustee has met its obligations except in respect of the administration of certain reserves, collection of certain miscellaneous receipts and the determination of any Purchase Price Adjustment. A motion will be heard on March 9, 2011.

Status of File February 17, 2011

On February 11, 2011, the Court approved a motion authorizing the Debtor and/or the Proposal Trustee to take the necessary steps to effect a change of the Debtor’s name to 1502201 Ontario Inc.

Status of File February 10, 2011

On February 9, 2011, the Court approved the Sale Agreement as detailed in the Proposal Trustee’s Third Report to Court.

Status of File February 8, 2011

On February 7, 2011, the Proposal Trustee prepared its Third Report to provide the Court with information pertaining to: ((i) the activities of the Company and the Proposal Trustee since the Filing Date; (ii) the Company’s actual cash flows for the period from December 6, 2010 to January 23, 2011; (iii) the status of the claims process; (iv) the results of the Court-approved sales process; and, (v) the terms of an Agreement of Purchase and Sale dated February 3, 2011 between the Company and Poraver Besitz GmbH & Co. KG for the sale of substantially all of the business and its assets. A motion will be heard on February 9, 2011.

Status of File February 4, 2011

Provaver has filed its Proposal with the Trustee and it is anticipated that further communications, along with a copy of the Proposal, will be forwarded to all known creditors of Poraver by the Trustee on or around the 14th of February 2011, in accordance with the provisions of the Bankruptcy and Insolvency Act.

Status of File December 17, 2010

Pursuant to an Order dated December 16, 2010 (the “Claims Solicitation Order”), the Proposal Trustee was authorized to commence a claims solicitation process for creditors to prove their claims against Poraver, as at November 1, 2010, in accordance with the provisions of the BIA. At the same time, the Court approved the stay of proceedings extension to February 3, 2011.

Claims Procedure

All proofs of claims must be completed and filed in accordance with the Claims Order and should be received by the Proposal Trustee by 5:00 p.m. on January 14, 2011.

	Claims Order
	Notice to Creditors (Publication)
	Claim Materials (Package send to Creditors)
	Proof of Claim Form

Status of File December 15, 2010

On December 14, 2010, the Proposal Trustee filed its Second Report to Court to provide the Court with information pertaining to: (i) the activities of the Company and the Proposal Trustee since the Filing Date; (ii) the status of the Sales Process; (iii) the Company’s actual cash flows for the Period from November 1, 2010 to December 5, 2010; (iv)the Company’s revised cash flow forecast to February 6, 2011 and information in respect of the proposed increase in DIP Financing; (v) the Company’s request for the establishment of a claims solicitation process for the filing and determining of claims against the Company; and (vi) the Company’s request for an extension of the time required to file a Proposal to February 3, 2010.

Status of File December 13, 2010

On December 16, 2010, Poraver will make a motion for (i) extending the time for the filing of a proposal from December 20, 2010 to February 3, 2011; (ii) approving the Amended DIP Term Sheet to be entered into between Poraver and TD Capital Mezzanine Partners Management Ltd.; (iii) approving the first report dated November 2, 2010 and the second report of the Proposal Trustee: and, (iv) authorizing the Proposal Trustee to commence a claims solicitation process for the creditors of Poraver in advance of the filing of a proposal.

Status of File November 4, 2010

On November 2, 2010, the Trustee prepared its First Report to advise the Court of the Company’s request for (i) approval of the debtor-in-possession credit facility between Poraver and TD Capital Mezzanine Partners Management Ltd., as agent for certain lenders (the “DIP Lenders”); (ii) the first ranking charge against Poraver’s property in favour of the existing directors and officers (the “D&O Charge”); (iii) approval of the key employee incentive program; (iv) approval of the proposed post-filing strategy, including the outline of a sale process; and (v) an extension of the time required to file its proposal to December 20, 2010. On November 3, 2010, the Court granted an order approving the relief sough.

This Web site will be updated as information becomes available.

For more information, please contact: Donna Smith.