Page last updated May 29, 2020
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 May 25, 2020, the Court granted an Order extending the Stay of Proceedings to August 31, 2020 ("Fourth Stay Extension Order"). A copy of this Order can be found under the Court Order tab. A return to Court date is currently scheduled to be August 25, 2020 at 9 a.m. Pacific Time.
The Monitor, on behalf of the Company, is making an application to Court for an extension of the stay of proceedings to July 31, 2020 in order to finalize a potential sale transaction of the residual assets of ILTA. A Court hearing will be held on May 25, 2020 at 11 am Pacific Time. The Monitor has issued its 8th Report to Court. A copy of this report can be found under the Court Report tab.
A Court Order has been made with respect to the funds held by the Monitor on February 21, 2020. A copy of this order can be found under the Court Order tab.
Court hearing of HSBC’s application for, among other things, the release of funds held by the Monitor, was held from January 20, 2020 to January 24, 2020. Parties made their submissions to the Court and the hearing will continue on February 18, 2020 at 10 a.m. Vancouver time at the Supreme Court of British Columbia.
HSBC’s application for, among other things, the release of funds held by the Monitor, which was scheduled to be heard on January 9th & 10th, was adjourned until January 20, 2020. However, the Court made an Order directing the Monitor to make a distribution to HSBC of CDN $2,855,486.62 and USD $81,612.24 (the “Undisputed Funds”) from the funds held by the Monitor. A copy of this Order is available under “Court Order” tab.
The Monitor also applied to the Court for an Order:
The Court made the Order sought by the Monitor. However, as the application was made with short notice, the Order provides that any interested party may apply to the Court to vary or amend the Order on or before January 15, 2020 by providing not less than two days’ notice on the Service List. A copy of this Order is available under “Court Order” tab.
The Monitor’s 7th report and application materials are posted on this site under the “Monitor’s Reports” and “Motion Materials” tab respectively.
HSBC has filed a reply to the application response filed by the Commission. This reply is available under the "Motion Materials" tab.
HSBC has filed a reply to the application response filed by Atradius. This reply is available under the "Motion Materials" tab.
On January 6, 2019, the Attorney General of Canada on behalf of the Canada Grain Commission (the "Commission") has filed an application response to the notice of application of HSBC filed December 17, 2019. The Commission:
Further details on this application responses is available under the "Motion Materials" tab.
On November 5, 2019, the sale of North Battleford Rail, North Battleford Head Office, Swift Current and Cut Knife facilities was closed. On November 22, 2019, the sale of Saskatoon facility and certain assets of the Surrey Head Office was closed.
A summary of ILTA Group’s activities during the CCAA Proceedings, include an update position of creditors, has been reported in the Monitor’s Sixth Report, which is available under “Monitor’s Report” tab.
On December 17, 2019, HSBC Bank Canada and as agent for Export Development Bank Canada (the “HSBC”) filed a notice of application for a hearing on January 9th and 10th, 2020, seeking:
This notice of application and First affidavit of Paul Irving can be found under “Motion Materials” tab.
On December 30, 2019, Atradius filed an application response and opposes the granting of all the orders set out in HSBC’s notice of application filed on December 17, 2019. This application response can be found under “Motion Materials” tab.
A hearing will be held on January 9th and 10th, 2020 at 9:45 a.m. Vancouver time at the Supreme Court of British Columbia pursuant to the above notice of application.
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.
On October 21, 2019, the Court granted the following:
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:
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:
Copies of the Distribution Order can be found under “Court Orders” tab.
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.
On August 6, 2019 the Court granted approval of;
The Monitor’s Second Report is available under “Monitor’s Reports” tab.
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
On July 18, 2019, the Court granted approval of;
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.
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.
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.