Starfield Resources Inc.

Notice of Intention to Make a Proposal

Page last updated: July 25, 2013

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 July 2, 2013, Starfield Resources Inc. (the “Company”) was deemed to have made an assignment in bankruptcy pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada) (the “BIA”) as a consequence of not filing a proposal with the Trustee within the time period granted by the Court, pursuant to subsection 50.4(8) of the BIA.

Please refer to the Bankruptcy tab for all current updates.

On March 7, 2013, Starfield Resources Inc. (“Starfield”) 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 mailed to all affected creditors of Starfield on March 13, 2013.

Notice of Intention and Certificate of Filing Notice of Intention and Certificate of Filing
 
Trustee’s Certificate of Filing Trustee’s Certificate of Filing
 
Press Release Press Release March 8, 2013
 
Notice to Creditors Notice to Creditors
 

Status of File as at June 7, 2013

On June 7, 2013, the Court issued an order approving the sale transaction between Starfield and 2369785 Ontario Inc., the Fourth Report, the activities of the Trustee and extending the time within which to file a proposal to June 28, 2013.

Status of File as at June 5, 2013

On June 5, 2013 the Trustee filed its Fourth Report to the Court to

  1. Provide the Court with a summary of the following:
    1. Background on the activities of the Company since the Third Report;
    2. The Company’s actual cash flows for the period from March 4, 2013 to May 31, 2013, including a comparison of actual to forecast results;
    3. The results of the court-approved sales process (the “Sales Process”);
    4. The terms of the Agreement of Purchase and Sale (the “APS”) to be entered into between the Company and 2367985 Ontario Inc. (the “Purchaser”) for the sale of the Company’s assets related to the Ferguson Lake Project (the “Transaction”);
    5. The Trustee’s recommendation regarding the Transaction with the Purchaser pursuant to the APS;
    6. The Company’s request for an extension of the time required to file its proposal to June 28, 2013 (the “Stay Extension”); and
    7. Report on the activities of the Trustee since the Third Report.
  2. Recommend that the Court issue an order:
    1. Approving the Transaction, and authorizing and directing the Company to execute such documents and take such additional steps as are necessary to complete the Transaction;
    2. Vesting in the Purchaser, as at closing, all of the Company’s right, title, and interest, if any, in and to all of the purchased assets as identified in the APS, free and clear of all liens, charges, security interests and other encumbrances;
    3. Approving the company’s request for the Stay Extension; and
    4. Approving the activities of the Trustee as set out in the Fourth Report.

A motion will be heard on June 7, 2013.

Status of File as at May 21, 2013

On May 16, 2013, the Court issued an order extending the time within which to file a proposal to June 7, 2013 and approved the Third Report and the activities of the Proposal Trustee.

Status of File as at May 14, 2013

On May 14, 2013 the Trustee filed its Third Report to the Court to

  1. provide the Court with a summary of the following:
    1. Background on the activities of the Company since the Second Report;
    2. The Company’s actual cash flows for the period from March 4, 2013 to May 10, 2013, including a comparison of actual to forecast results;
    3. The results of the court-approved sales process including an update on the letter of intent dated April 24, 2013 between the Company and an interested party for the sale of the Company’s assets related to the Ferguson Lake Project;
    4. The Company’s request for an extension of the time required to file its proposal to June 7, 2013; and
    5. Report on the activities of the Trustee since the Second Report.
  2. Recommend that the Court issue an order;
    1. Approving the company’s request for the Stay Extension; and
    2. Approving the activities of the Trustee as set out in the Third Report.

A motion will be heard on May 16, 2013.

Status of File as at April 26, 2013

On April 26, 2013, the Court issued an Order approving the Trustee’s activities and extending the time within which Starfield must file its proposal with the Official Receiver to May 20, 2013.

Status of File as at April 24, 2013

On April 24, 2013, the Trustee filed its Second Report with the Court to

  1. Provide the Court with a summary of the following:
    1. the activities of the Company since the First Report;
    2. the Company’s actual cash flows for the period from March 4, 2013 to April 19, 2013, including a comparison of actual to forecast results;
    3. the results of the court-approved sales process;
    4. the terms of the proposed Letter of Intent dated April 24, 2013 between the Company and an interested party for the sale of the Company’s assets related to its Ferguson Lake, Nunavut project;
    5. the Company’s request for an extension of the time required to file its proposal to May 20, 2013 (“Stay Extension”); and
    6. report on the activities of the Trustee since the First Report.
  2. Recommend that the Court issue an order:
    1. approving the Company’s request for the Stay Extension; and
    2. approving the activities of the Trustee as set out in the Second Report.

The motion will be heard on April 26, 2013.

Status of File as at March 15, 2013

On March 15, 2013, the Court issued an Order approving the sale process and extending the time within which Starfield must file its proposal with the Official Receiver to April 26, 2013.

Status of File as at March 11, 2013

On March 8, 2013, the Trustee filed its first report with the Ontario Superior Court of Justice – Commercial List (the "Court") to advise the Court of Starfield’s request for an Order.

  1. approving the terms of the Administrative charge, and proposed priority ranking of such charge;
  2. approving the terms of the Directors & Officers charge, and proposed priority ranking of such charge;
  3. approving Starfield’s post-filing strategy, and authorizing the Starfield and the Trustee to implement same;
  4. approving the proposed retention payments; and
  5. approving Starfield’s request for extending the time within which a proposal must be filed to April 26, 2013.

A motion will be heard on March 15, 2013.


This Web site will be updated as information becomes available.

For more information, please contact: Sara de Verneuil, Telephone: +1 416 687 8080, Fax: +1 416 814 3219, or via Email.