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Neucel Specialty Cellulose Ltd.

Receivership

Page last updated: June 1, 2021

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 May 21, 2021

The Court granted an Order on May 21, 2021 approving the increase in the Receiver’s Borrowing Charge from $17 million to $39.743 million, approving the activities of the Receiver from the date of the First Report to May 13th, 2021, approving the accounts of PwC, in its capacity as Court-Appointed Receiver of Neucel Specialty Cellulose Ltd. and the accounts of its legal counsel, Fasken Martineau.  In addition, the Court approved the sale of the Misty Manor Condo and a vesting order directing the registrar at the Land Title Office to enter the Purchaser as the owner and to expunge all financial encumbrances from the title.

A copy of the Orders can be found under the “Court Orders” tab above.

Status Update as at May 18, 2021

The Receiver has issued its Second Report to the Court dated May 13, 2021 (the “Second Report”) which can be found under the "Receiver’s Reports" tab above.  The Second Report has been issued in support of the May 21, 2021 court hearing where the Receiver will seek:

  • Approval of an increase in the Receiver’s Borrowing Charge from $17 million to $39.743 million;
  • Approval of the activities of the Receiver from the date of the First Report to May 13th, 2021;
  • Approval of the accounts of PwC, in its capacity as Court-Appointed Receiver of Neucel Specialty Cellulose Ltd. and the accounts of its legal counsel, Fasken; and
  • Approval of the Misty Manor Condo sale and a Vesting Order directing the registrar at the Land Title Office to enter the Purchaser as the owner and to expunge all financial encumbrances from title.

The Notice of Application and affidavit of the Receiver's counsel can be found under the "Court Application Materials" tab above.

Status Update as at September 24, 2020

The Court granted an Order on September 14, 2020 approving the increase in the Receiver’s Borrowing Charge from $8 million to $17 million and approving the activities of the Receiver to the date of the First Report. A copy of the Order can be found in the “Court Orders” tab above.

Status Update as at September 22, 2020

The Receiver has issued its First Report to Court dated September 21, 2020 (the “First Report”) which can be found under the "Receiver’s Reports" tab above. The First Report has been issued in support of the September 24, 2020 court hearing where the Receiver will seek:

  • Approval of an increase in the Receiver’s Borrowing Charge from $8 million to $17 million; and
  • Approval of the activities of the Receiver to September 21, 2020.

The Notice of Application and Application Record can be found under the "Court Application Materials" tab above.

Status Update as at May 6, 2020

The Receiver has issued two Invitations for Proposals related to the Mill located south of Port Alice, BC:

  • Invitation #2020-001-Fencing; and
  • Invitation #2020-002-Security.

The documents noted above can be found under the “Request for Proposals” tab above.

Status of file as at April 23, 2020

The following notices and documents have been added to the "Bankruptcy Documents" Tab above.

  1. Form 68 - Notice of Bankruptcy & First Meeting of Creditors
  2. Form 78 - Statement of Affairs (includes list of creditors)
  3. Certificate of Filing from the Office of the Superintendent of Bankruptcy
  4. Proof of Claim & Proxy Form

The first meeting of creditors has been set for Thursday, May 21, 2020 at 3:00 PM (Vancouver Time) via conference call.  Details can be found in Form 68.

Status of file as at April 16, 2020

On April 14, 2020, the Supreme Court of British Columbia (the "Court") granted an Order (the “Bankruptcy Order”) adjudging Neucel Specialty Cellulose Ltd. ("Neucel") bankrupt and appointing PricewaterhouseCoopers Inc. ("PwC") as Trustee in Bankruptcy of Neucel.  A copy of the Bankruptcy Order can be found under the "Bankruptcy Documents" tab above.

Also on April 14, 2020, the Court granted an Order (the “Receivership Order”) appointing PwC as Receiver of the assets, undertakings and properties of Neucel.  A copy of the Receivership Order can be found under the "Court Orders" tab above.

More information will be posted to this website, as soon as it becomes available.

Contact us

Lucas Matsuda

Vice President, PwC Canada

Tel: +1 604 806 7309

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