ILTA Grain Inc.

CCAA

Page last updated: August 23, 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 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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