ILTA Grain Inc.

CCAA

Page last updated: November 8, 2019

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.


Status Update as at November 1, 2019 

On November 1, 2019 the Court approved the sale of the remaining facilities of ILTA Group. The expected closing date is November 5, 2019. 

Copies of the Court Orders are available under the “Court Orders” tab.

Status Update as at October 22, 2019

On October 21, 2019, the Court granted the following:

  1. Second Stay Extension Order further extending of the Stay Period until January 17, 2020; and
  2. Transfer of Funds Order requesting Bank of China to transfer ILTA Group’s funds to a designated HSBC bank account.

Copies of the Court orders are available under the “Court Orders” tab. Copies of Monitor’s Fourth and Fifth Reports are available under the “Monitor’s Report” tab.

On the same date, the Court also heard the application for:

  1. Approval of the proposed Sale Transactions for the remaining five processing facilities of ILTA Group; and
  2. Approval to distribute realized funds to the secured lenders.

With respect to the sale transactions approval, the Court did not raise any material issues, but for completeness directed that the Province of Saskatchewan be served with the application materials prior to a final determination by the Court.

To give ILTA Group the time to effect such service, the hearing in respect of the sale transactions has been adjourned to October 29th at 10:00 am Pacific Time.

With respect to the application for approval of distribution, Atradius (Canada Branch), Atradius Crédito y Caución S.A. de Seguros y Reaseguros (“Atradius”) responded to ILTA Group's application with a request to hold back the distribution of a further $11 million of Available Funds. This request is to allow time for the review process of unpaid producers by the Canada Grain Commission to be completed. Parties agreed to this request.

On October 22, 2019, the Court granted the Distribution Order:

  • Permitting ILTA Group or the Monitor, on behalf of ILTA Group, to make distributions from Available Funds to repay Interim Lender of the Interim Financing and to repay the secured pre-filing lenders of the pre-filing debt in accordance to the priority security interests;
  • Directing the Monitor to hold back $11 million of Available Funds arising from sale of inventory by ILTA Group, in addition the Escrow Funds of approximately $3 million previously held; and
  • Authorizing ILTA Group to use the Available Funds up to the amount of $1.6 million to make any payments or disbursements permitted pursuant to the Initial Order.

Copies of the Distribution Order can be found under “Court Orders” tab.

Status Update as at August 23, 2019 

On August 23, 2019 the Court approved the sale of the Belle Plaine facility. The expected closing date is August 27, 2019. 

Copies of the Court Orders are available under the “Court Orders” tab. 

The Monitor’s Third Report is available under “Monitor’s Report” tab.

Status Update as at August 7, 2019 

On August 6, 2019 the Court granted approval of; 

1. An extension of the Initial Stay until November 7, 2019; and 

2. An amendment to the Initial Order to allow small immaterial asset sales to be approved by the Monitor. 

The Monitor’s Second Report is available under “Monitor’s Reports” tab.

Status Update as at July 24, 2019 

Please be advised the toll free contact number for the Canadian Grains Commission provided in the Company Letter to Grain Suppliers is incorrect. Please use the following contact information. 

Canadian Grains Commission 
Tel: 1-800-853-6705 
Email: corey.birch@grainscanada.gc.ca

Status Update as at July 19, 2019

On July 18, 2019, the Court granted approval of;

  1. The sale and investment solicitation plan ("SISP");
  2. A $8.0 million CAD Interim Financing Agreement; and
  3. Approval of an increase in the Monitor's powers.

The comeback hearing is set for August 6, 2019 at 11:30 AM Vancouver time at the Supreme Court of British Columbia.

Copies of the Court orders are available under the “Court Orders” tab.

The Monitor’s First Report to the Court regarding the matters above is available under “Monitor’s Reports” tab.

Status Update as at July 15, 2019 

The ILTA Group will seek Court approval for interim financing as well as the authorization to commence a sales process for its assets and operations on Thursday, July 18, 2019 at 9:00 AM Vancouver time.

Status Update as at July 8, 2019

On July 8, 2019  (the "Filing  Date"), ILTA Grain Inc. and NGP Grain Holdings, Inc. (“ILTA  Group”) sought and obtained an Initial Order of the  Supreme Court of British Columbia (the “Court”) pursuant to the Companies’ Creditors Arrangement  Act (the “CCAA”). 

PricewaterhouseCoopers Inc. LIT (“PwC”) was appointed as the Monitor. 

As a result of the CCAA filing, all creditors are stayed from commencing or continuing any proceedings against the ILTA Group until August 7, 2019, (the “Initial Stay”), subject to any extensions of the Initial Stay that the Court might grant upon application by the ILTA Group.

Notice of the CCAA and the Monitor’s appointment will be emailed or mailed to all affected creditors shortly.

The initial application materials have been posted under the Motion Materials tab.  The entered Court Order will be posted under the Court Orders tab once it is available.

The next court application will be this Friday, July 12, 2019 where the ILTA Group will seek approval for interim financing as well as the authorization to commence a sales process for its assets and operations. 

The Monitor will post regular status updates to this website and post future Monitor reports and court materials, as they become available during the CCAA proceedings.

Contact us

Kevin Truong

Senior Associate, PwC Canada

Tel: 604-806-7647

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