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 30, 2014, XS Cargo Limited Partnership and XS Cargo GP Inc. (collectively “XS Cargo” or the “Companies”) each filed a Notice of Intention to Make a Proposal (“NOIs”) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (“BIA”) and PricewaterhouseCoopers Inc. (“PwC”) was named as the trustee under the NOIs (the “Trustee”).
As a result of the filing of the NOIs, all creditors are stayed from commencing or continuing any proceedings against XS Cargo until August 30, 2014 (the “Initial Stay”), subject to any extensions of the Initial Stay that the Court might grant upon application by the Companies.
Notice of the NOIs and the Trustee’s appointment were mailed to all known creditors of XS Cargo on July 31, 2014.
The purpose of the NOIs is to give XS Cargo the chance to conduct a sale, refinancing and/or investment solicitation process (the “SISP”). The Trustee is working with XS Cargo during the proposal period and will update this website as the proposal proceeding continues.
During the period of the NOIs, XS Cargo intends to continue to operate on a “business as usual” basis.
On May 11, 2015, the Proposal Trustee issued a distribution to proven unsecured creditors in accordance with section 2.2 (g) of the Consolidated Proposal dated October 29th, 2014 filed by XS Cargo Limited Partnership and XS Cargo GP Inc., pursuant to the provisions of the Bankruptcy and Insolvency Act.
On January 14, 2014, the Court issued an order approving the Proposal and directed and empowered the Proposal Trustee to perform its functions and to fulfill its obligations under the Proposal to facilitate the implementation of the Proposal.
On December 23, 2014, the Proposal Trustee filed its Fifth Report to Court to update the Court on the results of the Meeting of Creditors and to seek the Court’s approval for the proposal of XS Cargo accepted by the creditors at the meeting.
On November 20, 2014, a meeting of creditors was held to consider and vote on approval of the Proposal filed by the Companies. The requisite majority of creditors required to approve the Proposal pursuant to the provisions of the BIA was obtained and the Proposal was approved by XS Cargo’s creditors. As a result, the Trustee will apply to the court for a hearing of the application for approval of the Proposal by the Court.
On November 10, 2014, the Trustee mailed a package to all known creditors of XS Cargo containing information on the meeting of creditors (the “Meeting”) to consider and vote on XS Cargo’s Proposal. Further information relating to the Meeting and details on how to file a claim against XS Cargo can be found under the Claims Process tab.
On November 10, 2014, KarpReilly Capital Partners, L.P. filed a motion with the Court for an Order seeking to appoint PricewaterhouseCoopers Inc. as receiver of all the assets, undertakings and properties of XS Cargo. The motion will be heard on November 13, 2014.
On October 30, 2014, XS Cargo filed a proposal date October 29, 2014 with the Trustee (the “Proposal”) pursuant to the provisions of the BIA. It is the Trustee’s intention to contact all known creditors of XS Cargo in the coming days and to send to each known creditor a copy of the Proposal, a proof of claim form, a proxy form, and a voting letter along with information relating to the meeting of creditors expected to be held on November 20, 2014 to consider and vote on the Proposal. At that time, a copy of the materials mailed to known creditors will be posted on this website.
On October 7, 2014, the Court granted an order extending the time for the filing of a proposal by each of the Companies in accordance with section 50.4(9) of the BIA until October 31, 2014.
On October 6, 2014, the Trustee filed its Fourth Report to provide the Court with:
On October 7, 2014, the Companies will apply to the Court for an order extending the time period for each of the Companies to file a proposal in accordance with section 50.4 (9) of the BIA until October 31, 2014.
The Companies have been advised by the Purchaser that it will not go forward with the APA and therefore, the assignment of contracts, namely leases, will not be required or sought. Accordingly, the Companies’ motion seeking an order authorizing the assignment of contracts scheduled for September 29, 2014 will no longer be necessary.
The Companies will continue to work with the agent under the Agency Agreement in order to complete the liquidation contemplated thereunder. The Applicants will also apply to the Court on October 7, 2014 to seek an extension of the stay of proceedings.
On September 19, 2014 the Court issued an order:
The part of the Company’s motion seeking an order authorizing the assignment of certain contracts will be heard on September 29, 2014 at 10:00 a.m.
On September 17, 2014 the Trustee filed its Third Report to provide the Court with:
On September 15, 2014 XS Cargo filed its motion materials for a motion to be heard on September 19, 2014 to seek an order:
The part of the Company’s motion seeking an order authorizing the assignment of certain contracts will not be heard on September 16, 2014. The date for the hearing of this part of the motion will be posted when available.
On August 29, 2014, the Court issued an order extending the time for the filing of a proposal in accordance with section 50.4(9) of the BIA until October 10, 2014 and sealing the Confidential Bid Summary and the Backstop Cashflow until further order from the Court.
On August 27, 2014, the Trustee filed its Second Report to provide the Court with;
XS Cargo filed a motion with the Court for an order extending the period of time to file a proposal under the BIA until October 10, 2014. The motion will be heard on August 29, 2014.
On August 6, 2014, the Court approved an order in the form submitted in the motion filed on August 1, 2014, as summarized below.
On August 1, 2014 the XS Cargo filed its motion materials for a motion to be heard on August 6, 2014 to seek an order:
Also on August 1, 2014 the Proposal Trustee filed its first report to the Court (the “First Report”) to provide the Court with:
This Web site will be updated as information becomes available.
For more information, please contact: Donna Smith, Telephone: +1 844 285 7646, or via Email.