Orbite Technologies Inc.


CCAA

Page last updated: November 24, 2017

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 October 31, 2017

On October 30, 2017, following the filing of a Motion by the Company, the Superior Court of Quebec issued a third amended and restated Initial Order, extending the stay of proceedings against Orbite Technologies Inc. until January 31, 2018. This Order also grants Orbite permission to postpone until April 27, 2018 the delay to call its annual meeting of shareholders and directs the Monitor to release the balance of the Interim Facility to Orbite. We refer you to the Third Extension of Delay Order dated October 30, 2017 for more details.

On the same date, the Superior Court also issued a Claims Procedure Order. All the pertaining details will be posted on the Monitor's Website not later than 5:00 p.m. on  November 6, 2017.

Status of file as of August 3, 2017

On August 1st, 2017, following the filing of a Motion by the Company, the Superior Court of Quebec issued a second amended and restated Initial Order, extending the stay of proceedings against Orbite Technologies Inc. until October 31st, 2017, approving the $6.8 million debtor-in-possession financing ("DIP") financing from the holders of Orbite's 7% Convertible Secured Debentures due September 28, 2018 and a related DIP super-priority charge over the Company's assets. We refer you to the Order ''Second Amended and Restated Initial Order'' dated August 1st, 2017 for more details.

Status of file as of May 24, 2017

On May 23, 2017, following the filing of a Motion by the Company, the Superior Court of Quebec issued an amended and restated Initial Order, extending the stay of proceedings against Orbite Technologies Inc. until August 4, 2017 and approving the Key Employee Retention Program. We refer you to the Order ''Amended and Restated Initial Order'' dated May 23, 2017 for more details.

On the same date, the Superior Court issued a second order to postpone until January 31, 2018 the delay for Orbite Technologies Inc. to call its annual meeting of shareholders. We refer you to the order ''Order relating to the calling of the annual meeting of shareholders'' dated May 23, 2017 for more details.

Status of file as of May 1st, 2017

The Company filed a petition for continuance of the BIA proceedings under the Companies’ Creditors Arrangement Act (“CCAA”). The Superior Court of Québec granted the petition and issued an Initial Order pursuant to the CCAA on April 28th, 2017. The Company is now under the protection of the CCAA and the Initial Order provides for an initial stay of all proceedings until May 29th, 2017 and appoints PricewaterhouseCoopers as monitor of the business and financial affairs of the Company. 

We refer you to the order dated April 28, 2017 for more information.

Status of file as of April 3, 2017

TAKE NOTICE THAT Orbite Technologies Inc., of the City of Montreal, Province of Quebec, has filed with the Official Receiver a “Notice of Intention to Make a Proposal” pursuant to Subsection 50.4(1) of the Bankruptcy and Insolvency Act on the 3rd day of April 2017.

Pursuant to Section 69 of the Bankruptcy and Insolvency Act, all proceedings against the corporation are stayed as of the date of filing the Notice of Intention to Make a Proposal with the Official Receiver.



This Web site will be updated as information becomes available.

For more information, please contact: Audrey Huot, Telephone: +1 514 205 5090, Email.
 

Contact us

Audrey Huot

Tel: +1 514 205 5090
Email