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 February 2, 2016, on the application by Integrated Private Debt Fund III L.P., by its General Partner Integrated Private Debt Fund GP Inc. (the “Applicants”) an initial order (the “Initial Order”) was granted by the Ontario Superior Court of Justice (Commercial List) (the “Court”), pursuant to the Companies’ Creditors Arrangement Act (“CCAA”), R.S.C.1985, c.C-36 as amended, in respect of 1721027 Ontario Inc. (“1721027” or the “Company”), which includes, among other things, a stay of proceedings against 1721027, and the appointment of PricewaterhouseCoopers Inc. as monitor of the Company (“PwC” or the “Monitor”). Pursuant to the Initial Order KPMG Inc. was appointed chief restructuring advisor (“KPMG” or the “Restructuring Advisor”) to the Company to exercise control over the Business (as defined in the Initial Order) and will manage, operate, and carry on the Business post the granting of the Initial Order. Management and the board of directors of Becker resigned on February 2, 2016 upon the appointment of the Monitor.
The Initial Order, among other things:
The Initial Order was amended on March 2, 2016 (the “First Amended and Restated Initial Order”), which among other things:
Suppliers of goods and services to the Company post the granting of the Initial Order should see the “Letter to Suppliers” in the Suppliers section of this website.
On April 11, 2016, the Court issued an order:
On April 7, 2016, the Applicants filed a motion for an Order:
On April 8, 2016 the Monitor filed its Second Report to the Court to provide the Court with:
A motion will be heard on April 11, 2016.
On March 2, 2016, the Court issued an order approving the Becker Sale Process for the purpose of soliciting interest in and opportunities for a sale of the assets and business of the Applicants, details of which are located under the Sale Process tab of this website.
On the same day, the Court issued an order:
On February 25, 2016, the Applicants filed a motion for an Order:
On February 26, 2016, the Monitor filed its First Report to Court to provide the Court with:
The motion will be heard on March 2, 2016.
In accordance with section 23 (1)(ii)(b) of the CCAA and the Initial Order, a notice was sent to all creditors owed more than $1,000 on February 9, 2016. A copy of the notice is posted under the Notices section.
On February 3, 2016, the Court issued an order declaring that the remaining directors of the Company were deemed to have resigned as of February 2, 2016 and that the Ministry of Government Services (Ontario), Central Production and Verification Services Branch, accept the resignations as of February 2, 2016.
This Web site will be updated as information becomes available.
For more information, please contact: Tammy Muradova, Telephone: +1 416 941 8383 ext 14456, or via Email.