Interwind Corp. - In Receivership and , CCAA Filing Information
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On March 30, 2010, by Orders of the Ontario Superior Court of Justice (Commercial List), PricewaterhouseCoopers Inc. (“PwC”) was appointed as monitor (the “Monitor”) to monitor the business and financial affairs of Interwind Corp. (“Interwind”) pursuant to Interwind’s existing proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”)., in substitution of KPMG Inc. PwC was also appointed Receiver of Interwind under section 243(1) of the Bankruptcy and Insolvency Act.
Among other things, these Orders amended the initial CCAA order dated August 12, 2009 (the “Initial CCAA Order”) and the Claims Process Order dated February 19, 2010, to reflect the substitution and amending the Initial CCAA Order to harmonize it with the order appointing PwC as Receiver.
Information regarding the CCAA proceedings up to March 30, 2010 is available on the initial Monitor’s website at www.kpmg.ca/interwind. This website shall provide information on the proceedings subsequent to March 30, 2010.
Status as at November 17, 2010
On November 17, 2010, the Court issued an Order approving the of the Stantec Settlement and, at the same time, discharged the liens in the Land Registry Office and dismissed the Construction Lien action commenced by Stantec.
Status as at November 11, 2010
On November 10, 2010, the Receiver prepared its eighth report to seek the Court’s approval for (i) settlement of the disputed claim of Stantec Consulting Ltd.(“Stantec”); (ii) dismissal of a construction lien action previously commenced by Stantec; and (iii) the payment to the Receiver of the funds paid into Court by the Company to vacate the Claims for Lien and Certificates of Action registered in connection with the Stantec Liens. A motion will be heard on November 17, 2010.
Status as at October 18, 2010
On October 15, 2010, the Court issued Orders, which among other things, approved (i) the Seventeenth report of the Monitor; (ii) the Sixth and Seventh Reports of the Receiver; (iii) the fees and disbursements of the Monitor and the Receiver; (iv) termination of the CCAA Proceedings and the discharge of PwC as Monitor; (v) the settlement of the claim submitted by Golder Associates Ltd.; and (vi) an amendment to the Receivership Order to provide for a general stay of proceedings in favour of the Company.
Status as at October 13, 2010
The Receiver filed a Supplement to the Receiver’s Seventh Report to the Court on October 12, 2010 for an order (i) approving the settlement of a disputed claim in the claims process commenced by Order of The Honourable Justice Cameron on February 19, 2010 and approving payment of the settled amount by the Receiver to the claimant upon execution of the settlement documents; (ii) providing that upon payment of the settled amount, the Receiver shall no longer be required to maintain a Reserve for claims submitted in the claims process; and, (iii) sealing Appendix A to the Supplement to the Receiver’s Seventh Report to the Court pending further order of the Court, on notice to Golder Associates Ltd., HSH Nordbank AG, New York Branch and the Receiver.
Status as at October 6, 2010
On October 5, 2010, the Receiver filed its Seventh Report to the Court to (i) provide the Court with a report on the Receiver’s activities since its Fifth Report dated July 19, 2010; (ii) provide the Court with the Receiver’s Statement of Receipts and Disbursements to September 30, 2010; and (iii) request an amendment to the Receivership Order to provide for a general stay of proceedings in favour of the Company. The motion will be heard on October 15, 2010.
At the same time, the Monitor prepared its Seventeenth Report to the Court to (i) report to the Court the status of the principal matters in the CCAA Proceedings; (ii) report the activities of the Monitor and its counsel following the substitution of the Initial Monitor; (iii) seek the Court’s approval of the fees and disbursements of the Monitor and its legal counsel; and (iv) seek the discharge of the Monitor. The motion will be heard on October 15, 2010.
Status as at September 29, 2010
On September 27, 2010, the Court issued Orders, which approved (i) the activities of the Monitor described in its Sixteenth Report; and (ii) an extension of the Stay period to October 15, 2010.
Status as at September 23, 2010
On September 22, 2010, the Monitor prepared its Sixteenth Report to Court to report (i) the closing of the sale transaction with Borea Construction ULC; and, (ii) the Monitor’s request for a short extension of the Stay period to October 15, 2010. A motion will be heard on September 27, 2010.
Status as at August 3, 2010
On July 29, 2010, the Receiver prepared its Sixth Report to the Court in support of the motion being brought by the Receiver seeking advice and directions in respect of the determination of the Construction Lien Claims filed by Golder Associates Ltd. and Jacques Whitford Stantec Ltd. by its successor in interest, Stantec Consulting Ltd. pursuant to a resolution process that was approved by Court Order on May 21, 2010. A motion will be heard on August 9, 2010.
Status as at July 29, 2010
On July 28, 2010, the Court issued Orders, which among other things (i) approved the Monitor’s Fourteen and Fifteenth Reports and the activities of the Monitor described therein; (ii) approved the Receiver’s Second, Third and Fifth Reports and the activities of the Receiver as described therein; (iii) approved the sale of the equipment and lease relating to the land on which the Company’s Power Transformer is situated to Borea Construction ULC; (iv) released the Directors’ Charge; and (v) extended the Stay Period to September 30, 2010.
Status as at July 20, 2010
On July 19, 2010, the Receiver prepared its Fifth Report to the Court in support of the motions being brought by the Receiver for: (i) the termination, discharge and release of the Director’s Charge; (ii) an Approval and Vesting Order with respect to the proposed sale of the Equipment and the lease relating to the land on which the Company’s Power Transformer is situated to Borea Construction ULC; and (iii) an extension of the Stay Period in the CCAA Proceedings to September 30, 2010.
At the same time, the Monitor prepared its Fifteenth Report to Court to report on: (i) the activities of the Monitor; (ii) the status of the Claims Process; (iii) the principal matters remaining to be completed in the CCAA Proceedings; (iv) the Receiver’s request to approve a proposed sale transaction with Borea Construction ULC; and (v) the Receiver’s request for an extension of the Stay Period to September 30, 2010.
A motion will be heard on July 28, 2010.
Status as at June 28, 2010
On June 28, 2010, the Court approved an Order authorizing the Receiver to make payment of the resolved and settled claims.
Status as at June 24, 2010
On June 23, 2010, the Receiver prepared its Fourth Report to Court to seek the Court’s authorization to make payments to (i) Holders of claims that were admitted in the Claims Process and not disputed; (ii) Holders of Disputed Claims that have now been resolved; and, (iii) The holder of two claims for which settlement amount has been agreed upon but the settlement documents remain to be executed. The Receiver will make a motion for authorization of the payments on June 28, 2010.
Status as at June 1, 2010
On May 31, 2010, the Court approved an order for (i) an interim distribution to HSH Nordbank and additional distributions from time to time. The Court also approved an order for an extension of the Stay Period to July 30, 2010.
Status as at May 20, 2010
On May 19, 2010, the Receiver prepared its Second Report to the Court in support of the motions for (i) an interim distribution of $5 million to HSH Nordbank; (ii) authority to make additional distributions from time to time as may be agreed between the Receiver, HSH Nordbank and Lehman Brothers Holdings Inc. or, if no agreement can be reached, pursuant to further Order of the Court; and, (iii) an extension of the Stay Period in the CCAA Proceedings to July 30, 2010.
At the same time, the Monitor prepared its Fourteenth Report to Court to inform the Court of; (i) the activities of the Monitor; (ii) the status of the Claims Process; (iii) the principal matters remaining to be completed in the CCAA Proceedings; and, (iv) the Receiver’s request for an extension of the Stay Period to July 30, 2010.
On May 31, 2010, a motion will be heard on the above.
Status as at May 4, 2010
On May 3, 2010, the Receiver prepared a Supplement to the Receiver’s First Report to advise the Court that certain of the Disputed Claims outlined in the Receiver’s First Report have now been settled by the Receiver and the respective claimants and to provide the Court with an update regarding the remaining Disputed Claims.
Status as at April 19, 2010
On April 16, 2010 the Receiver prepared its First Report to the Court to advise the Court of (i) the activities of the Receiver since its appointment; (ii) the status of the Claims Process; (iii) the current status of disposition of the Disputed Claims, and the Receiver’s views on each of these claims; and (iv) the Receiver’s proposed method for determination of the Disputed Claims. On May 4, 2010, the Receiver will make a motion for an Order approving the method outlined in the First Report in respect of the determination of the claims submitted in the Claims Process.
Service List:
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Service List as at March 30, 2010 |
Motion Materials:
Receiver’s Reports to Court:
Monitor’s Reports to Court:
KPMG Claims Process:
- Clearly address all faxes to Interwind Corp.(“Interwind”).
