OKR Group of Companies

CCAA

^{Page last updated: July 10, 2025}

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 of file as of July 10, 2025

We have updated the list of Potential Investor Committee Members which can be found under the Investor Committee tab.

Mr. Ingram has been reclassified from a Non-affiliated Individual Investor to a Member of the Opposing Investor Group.

If you have already submitted your vote and wish to amend it due to the Nominee update, please submit an amended Schedule “C” Voting Letter by 4:00 PM (Calgary time) on July 28, 2025. Please ensure the Voting Letter is clearly marked as an amended submission.

Status of file as of July 7, 2025

Nominations for OKR Entities Investor Committee

The nomination deadline for the Investor Committee passed on June 30, 2025.

Investors are now invited to vote for members of the Investor Committee as outlined in the Court of King’s Bench Order dated June 9, 2025 (Action No. 2501-03316). Please complete and submit your Schedule “C” Voting Letter by 4:00 PM (Calgary time) on July 28, 2025. A copy of the Voting Letter can be found under the Investor Committee tab.

To ensure a balanced committee that represents all investors, the Monitor will limit the committee membership to no more than two members from each of the following three categories: non-affiliated individual investors, members of the Opposing Investor Group, and dealing representative / broker.

A list of the Potential Committee Members, including which category they represent, can be found under the Investor Committee tab.

How to Complete Your Voting Letter

Fill in Your Personal Information

• Name, address, phone numbers, and email.

Indicate Your Voting Status

Select one of the following:

• Individual Investor
• Officer/Director of a corporate Investor (include Corporation Name)
• Other authorized representative (please specify)

Vote for Committee Members

Write your first, second, and third choices for Investor Committee Members from the list of Potential Committee Members.

Sign and Print Your Name

Ensure your name is printed clearly and the form is signed.

Submission Instructions & Deadline

Email your completed and signed Schedule “C” Voting Letter to:
ca_okr_group@pwc.com no later than 4:00 PM (Calgary time) on July 28, 2025.

Status of file as of June 11, 2025

Nominations for OKR Entities Investor Committee

Further to the Court granting the Investor Committee Order, the Monitor has today sent an email or mailing to all investors requesting nominations for potential members of the Investor Committee.

Application Process:

Individuals interested in becoming a member of the Investor Committee (a “Member”) must submit a completed and signed Application Form, along with at least two supporting Nomination Forms from other Investors to the Monitor via email at ca_okr_group@pwc.com no later than 4:00 PM (Calgary time) on June 30, 2025.

The forms are available under the Investor Committee tab.

A list of eligible candidates will be posted on this website by July 7, 2025, along with instructions for submitting a Voting Letter by email. Investors will be invited to indicate their top three choices from the group of nominees for Members.

The role of the Investor Committee is described in Paragraph 6 of the Court Order.

To be eligible for consideration as a Member, an individual must be:

• an Investor;
• an authorized employee or principal of an Investor; or
• an agent, dealer, or other representative of an Investor.

Status of file as of June 9, 2025

On June 9, 2025, the Court granted two Orders.

The first (the “Transition Order”) is an Order approving:

• An extension of the stay of proceedings to September 12, 2025;
• Granting the Monitor certain enhanced powers in these proceedings;
• Empowering the Monitor to enter into an agreement on behalf of the OKR Entities with Marimco Management Consultants Ltd., to undertake the role of Financial Manager of the OKR Entities; and
• Authorizing the OKR Entities to continue to engage Grey King for the purpose of transitioning duties to the Financial Manager 

The second (the “Investor Committee Order”) is an Order approving:

• The Establishment of an Investor Committee to provide input during the wind-up process with a view to maximize the amount available for Investors; and
• Approving the Investor Committee by-laws (the “By-Laws”).

Copies of the Transition Order and the Investor Committee Order will be posted once available under the Court Orders tab.

Instructions on how to nominate yourself as a candidate for the Investor Committee (which will be subject to a vote) will be posted here and emailed to investors within the next few days.

Status of file as of June 5, 2025

The Monitor's fourth report to the court is now available under the Monitor's Reports tab.

Status of file as of June 3, 2025

A hearing has been scheduled for June 9, 2025, to hear two applications as follows.

An application filed by the Company on June 2, 2025, seeking an Order (the “Transition Order”) providing the following relief:

1. An extension of the stay of proceedings from June 9, 2025, up to and including September 12, 2025 (the “Stay Extension”);
2. Granting the Monitor certain enhanced powers in these proceedings;
3. Authorizing the Monitor to enter into an agreement on behalf of the OKR Entities with Marimco Management Consultants Ltd., to undertake the role of Financial Manager of the OKR Entities; and
4. Authorizing the OKR Entities to continue to engage Grey King Endeavours Inc. (“Grey King”) for the purpose of transitioning Grey King’s duties to the Financial Manager; and
5. Any other relief that counsel may request and the Court considers fair and appropriate.

An application filed by the Monitor on June 3, seeking an Order (the “Approving Investor Committee Order”) providing the following relief:

1. Establishing the Investor Committee; and
2. Approving the Investor Committee by-laws (the “By-Laws”).

The Monitor will be issuing its fourth report to the Court (the “Fourth Report”) which, amongst other things, provides information on both applications.  The Fourth report will be found under the Monitors Reports tab once available.

Related court materials have been uploaded to the Court Materials tab. Additional documents will be added as they become available.

Status of file as of May 28, 2025

OKR Entities has issued a letter to all investors, raising concerns about what they believe to be significant misrepresentations and misinformation communicated during the Investor Sounding process. A copy of the letter is available under the Creditor and Investor Communications tab, and the related Affidavit #4 of Lew Turnquist can be found under the Court Materials tab.

Status of file as of May 9, 2025

The Investor Sounding has concluded.

Pursuant to paragraph 24 of the ARIO the Monitor has issued its Third Report to the Court on the outcome of the Investor Sounding (the “Third Report”). The Third Report includes details of the Investor Sounding process and results and an update on the Opposing Investor Group and can be found under the Monitor’s Reports tab.

The Monitor will engage in discussions with the OKR Entities, the Opposing Investor Group and other interested stakeholders with the intention of finding a mutually agreeable path forward to wind up the Loan Funds.

The Monitor plans to issue a further report ahead of the next court hearing, currently scheduled for June 9, 2025. The report will reflect the outcome of the discussions with the respective parties and the Monitor’s recommended path forward to wind up the Loan Funds.

Status of file as of April 15, 2025

In accordance with the Investor Sounding an information package (the “Investor Package”) has been emailed or mailed to Investors on April 14 & 15, 2025. A copy can be found under the creditor & investor communications tab.

The Monitor is requesting Investors input on the questions below no later than April 30, 2025.

1. Is the Restructuring Plan described in Appendix “B” of the Investor Package something you would like to hear more about and would be interested in voting on at a meeting of the Investors and creditors to be held in these CCAA Proceedings?
   
   Or
2. Do you have sufficient information to make the decision that you will not support the Restructuring Plan and the OKR Entities should be wound up in some fashion, with consideration to be given by the Monitor as to the most beneficial method to Investors without the requirement for Investors and creditors to vote on the Restructuring Plan?

Please provide your feedback to the Monitor via email (ca_okr_group@pwc.comOpens in a new window) including the total number of units and value of promissory notes that you are responding to and/or on behalf of and the name in which they are held.

Status of file as of April 11, 2025

The questions & answers from the OKR Entities stakeholder update held on March 26, 2025, has been posted under the creditor & investor communications tab.

Status of file as of April 2, 2025 

On April 2, 2025 the Court granted an Order approving:

• An extension of the stay of proceedings to June 9, 2025;
• Payment of a monthly work fee to Grey King of $30,000 (plus GST) per month commencing on the Filing Date;
• Empowering the Monitor to contact some, or all, of the investors (in the Monitors’ sole discretion) to canvass the investors’ interest in exploring the Applicants’ Restructuring Plan further (the “Investor Soundings”); and
• Empowering the Monitor to file a report on the Investor Soundings in order to determine whether the Company are likely to achieve the Required Majority in a creditor vote on the Companys’ Restructuring Plan.

A Copy of the Amended and Restated Initial Order will be posted once available under the Court Orders tab.

Status of file as of March 31, 2025 

A hearing has been scheduled for April 2, 2025 (the “Adjourned Comeback Hearing") to hear two applications as follows.  

An application filed by the Company on March 31, 2025, seeking an Amended and Restated Initial Order (the “ARIO”) providing the following relief: 

• An extension of the stay of Proceedings to May 9, 2025; 
  
• Payment of a monthly work fee to Grey King of $30,000 (plus GST) per month commencing on the Filing Date; and 
  
• Empowering the Monitor to contact some, or all, of the investors (in the Monitor’s sole discretion) to canvass the investors’ interest in exploring the Applicants’ Restructuring Plan further (the “Investor Soundings”); and 
  
• Empowering the Monitor to file the April 25 Report on the Investor Soundings in order to determine whether the Company are likely to achieve the Required Majority in a creditor vote on the Company’s Restructuring Plan.  
  

A cross application by the Opposing Investor Group, seeking the following relief: 

• Excluding Mr. Turnquist and Grey King from acting as CRO or taking any further fees pending final decision of this Court;  
  
• Empowering the Proposed Wind-Up Managers as if they were directors, trustee, as the case maybe, of the Applicants to work with the Monitor to facilitate an orderly wind-down and liquidation of the assets of the OKR Entities;  
  
• Directing that all steps to develop an ongoing plan to carry on business with any of the Applicants cease pending further order of this Court; and  
  
• Declaring that the Applicants’ counsel no longer benefits from the Administration Charge. 
  

The Monitor has prepared and filed its second report to the Court (the “Second Report”) which, amongst other things, provides information on both applications.  

The related court materials have been added to the Court Materials tab and the Second Report can be found under the Monitors Reports tab.

Status of file as of March 27, 2025

The OKR Entities hosted a call for investors on March 26, 2025.  A copy of the presentation to Investors has been added to the Creditor & Investor CommunicationsOpens in a new window tab.

Status of file as of March 17, 2025

On March 17, 2025 the Court granted an Order approving:

• An extension of the stay of proceedings to April 2, 2025;
• An increase in the Administration Charge to $350,000;
• Investigatory powers for the Monitor to enable it to complete its investigations including permitting the Monitor to image the Applicants electronic records to protect information for future investigations; and
• An adjournment of the balance of the Comeback Application to April 2, 2025.

The Monitor has posted its First Report to the Court (found under the Monitor's Reports tab), which speaks to the approvals granted alongside an update on the activities since the Filing Date. Court materials related to the hearing are available under the Court Materials tab.

A Copy of the Court Order will be posted once available under the Court Orders tab.

Status of file as of March 7, 2025

On March 7, 2025 (the "Filing  Date"), the OKR Group of Companies (collectively the “Company” or “the Petitioners”) sought and obtained an Initial Order of the Court of King’s Bench of Alberta (the “Court”) pursuant to the Companies’ Creditors Arrangement  Act (the “CCAA”).  Please refer to Court Order for the list of Companies the Order applies to.

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

As a result of the CCAA filing, there is a stay of proceedings in place until March 17, 2025, (the “Initial Stay”), subject to any extensions of the Initial Stay that the Court might grant upon application by the Petitioners.

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 Court Materials tab. The Initial Order is or will be posted under the Court Orders tab as soon as its received from counsel.

The next court hearing will be held on Monday, March 17, 2025.

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.