R.M.P. Athletic Locker Limited and Core Sports Inc. (the “Companies”)


Notice of Intention to Make a Proposal

Page last updated: November 13, 2015

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, 2015, and May 27, 2015, Core Sports Inc. and R.M.P. Athletic Locker Limited respectively (collectively the “Companies”) each filed a Notice of Intention to Make a Proposal (“NOIs”) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (“BIA”) and PricewaterhouseCoopers Inc. (“PwC”) was named as the proposal trustee under the NOIs (the “Proposal Trustee”).

As a result of the filing of the NOIs, all creditors are stayed from commencing or continuing any proceedings against the Companies and the Companies have a period of 30 days to file their proposal with the Proposal Trustee pursuant to the provision of the BIA (the “Initial Stay”), subject to any extensions of the Initial Stay that the Court might grant upon application by the Companies.

Notice of the NOIs and the Trustee’s appointment were mailed to all known creditors of the Companies on May 28, 2015 as required under the BIA.



Status update as at November 13, 2015

On November 4, 2015, the Court issued an order approving the Amended Proposals of Core and RMP.

Status update as at November 3, 2015

In accordance with section 149 (1) of the BIA a notice requiring persons to file a proof of claim (the “Notice”) was sent to all creditors of Core and RMP on October 16, 2015 and October 19, 2015 respectively that had not, as of that date, filed a proof of claim with the Trustee. Pursuant to section 149(1) of the BIA, if a creditor does not prove their claim within 30 days after the mailing of the Notice, the Trustee will proceed to declare a dividend without regard to claims which have not been filed. A copy of the Notice has been posted under the Notices tab of this website.

Status update as at October 23, 2015

On November 4, 2015, the Proposal Trustee will be seeking the Court’s approval of the amended proposals of RMP and Core.

Status update as at October 15, 2015

On October 15, 2015, a meeting of creditors was held to consider and vote on the approval of the Amended Plan filed by RMP. The requisite majority of creditors required to approve the Amended Proposal, pursuant to the provisions of the BIA, was obtained the Amended Proposal was approved by RMP’s creditors. As a result, the Trustee will apply to court for a hearing of the application for approval of the Amended Proposal by the court.

On October 13, 2015, a meeting of creditors was held to consider and vote on the approval of the Amended Plan filed by Core. The requisite majority of creditors required to approve the Amended Proposal, pursuant to the provisions of the BIA, was obtained the Amended Proposal was approved by Core’s creditors. As a result, the Trustee will apply to court for a hearing of the application for approval of the Amended Proposal by the court.

Status update as at October 2, 2015

On September 30, 2015, RMP filed an amended proposal (“Amended Proposal”) with the Proposal Trustee. A general meeting of creditors (the “RMP Meeting”) will be held at the Europa Convention Centre, 7050 Bramalea Road, Mississauga, Ontario, on the 15th day of October, 2015 at 10:30 a.m., to consider and vote on the Amended Proposal. For information relating to the Amended Proposal and the RMP Meeting and how to file a proof of claim with the Proposal Trustee, please refer to the section of this website called “Proposal Claims – R.M.P. Athletic Locker Limited”.

On September 29, 2015, Core filed an amended proposal (“Core’s Amended Proposal”) with the Proposal Trustee. A general meeting of creditors (the “Core Meeting”) will be held at the offices of the Trustee at 18 York Street, Room 26022 on October 13, 2015 at 12:45 p.m. to consider and vote on Core’s Amended Proposal. For information relating to Core’s Amended Proposal and the Core Meeting and how to file a proof of claim with the Proposal Trustee, please refer to the section of this website called “Proposal Claims – Core Sports Inc.”.

Status Update at September 25, 2015

On September 24, 2015, RMP filed a proposal with the Proposal Trustee pursuant to the provisions of the BIA. It is the Proposal Trustee’s intention to contact all known creditors of RMP in the coming days and to send to each known creditor a copy of the Proposal, a copy of the Trustee’s Report to Creditors on the Proposal, a proof of claim form, a proxy form and a voting letter along with information relating to the meeting of creditors to held on October 15, 2015, 10:30 a.m. at Europa Convention Centre, 7050 Bramalea Road, Mississauga, Ontario for the purpose of considering RMP’s proposal. A copy of the materials mailed to known creditors will be posted on this website in the next few days.

Status Update at September 24, 2015

On September 22, 2015, Core filed a proposal with the Proposal Trustee pursuant to the provisions of the BIA. It is the Proposal Trustee’s intention to contact all known creditors of Core in the coming days and to send to each known creditor a copy of the Proposal, a copy of the Trustee’s Report to Creditors on the Proposal, a proof of claim form, a proxy form and a voting letter along with information relating to the meeting of creditors to held on October 13, 2015 at the office of the Proposal Trustee at 18 York Street, Room 26022 at 12:45 p.m. for the purpose of considering Core’s proposal. A copy of the materials mailed to known creditors will be posted on this website in the next few days.

Status Update at July 17, 2015

On July 17, 2015, the Court issued an order:

  1. Extending the time for Core to file a Proposal and the stay of proceedings until September 22, 2015;
  2. Extending the time for RMP to file a Proposal and the stay of proceedings until September 24, 2015;
  3. Approving the Second Report and the activities of the Proposal Trustee and of its counsel;
  4. Approving the Agreement of Purchase and Sale (the “APA”) made July 6, 2015 between RMP and INA International Ltd., (the “Purchaser”) for the sale and vesting of RMP’s Purchased Assets as defined in the APA, in the Purchaser free and clear of all encumbrances;
  5. Directing payment of the net sale proceeds from the sale of the Purchased Assets to Bank of Nova Scotia;
  6. Sealing the confidential information contained in the APA.

Status Update at July 16, 2015

On July 15, 2015, the Proposal Trustee filed its second report to Court (the “Second Report”) to provide the Court with:

  1. Information on the sale and marketing process (the “Sale and Marketing Process”) undertaken by PricewaterhouseCoopers Corporate Finance Inc., an affiliate to PwC, to market and sell RMP’s Private Brand Assets (as defined in the Second Report);
  2. Information on the proposed sale of RMP’s Private Brand Assets (the “Asset Sale”) and the asset purchase agreement with INA International Ltd.;
  3. The Proposal Trustee’s view on the Sale and Marketing Process and the Asset Sale;
  4. The Companies’ activities since the date of the First Report;
  5. The actual cash flow for Core and RMP for the period June 7, 2015 to July 4, 2015;
  6. The cash flow forecasts for Core and RMP for the period July 5, 2015 to September 26, 2015;
  7. A summary of the Proposal Trustee’s activities since the filing of the First Report; and
  8. The Proposal Trustee’s recommendation in respect of the sale approval motion returnable July 17, 2015 and the additional relief sought by the Companies.

Status Update at July 10, 2015

On July 10, 2015, the Companies made a motion for an order, among other things:

  1. Extending the time for the filing of Core’s Proposal pursuant to s.50.4 (9) of BIA until September 22, 2015;
  2. Extending the time for filing of RMP’s Proposal pursuant to s. 50.4 (9) of the BIA until September 24, 2015;
  3. Approving the Agreement of Purchase and Sale (the “APA”) made July 6, 2015 between RMP and INA International Ltd., (the “Purchaser”) for the sale and vesting of RMP’s Purchased Assets as defined in the APA, in the Purchaser free and clear of all encumbrances;
  4. Directing payment of the next sale proceeds from the sale of the Purchased Assets to Bank of Nova Scotia;
  5. Sealing the confidential information contained in the APA;
  6. Approving the Second Report of the Proposal Trustee and the activities descried therein.

The motion will be heard on July 17, 2015.

Status Update at June 19, 2015

On June 19, 2015, the Court granted the relief sought in accordance with the motion filed, including extending the time for filing Core Sports Inc.’s and R.M.P. Athletic Locker Limited’s proposals pursuant to s.50.4(9) of the BIA until August 8, 2015 and August 10, 2015 respectively. A copy of the order can be found under the Court Orders tab.

Status Update at June 18, 2015

On June 18, 2015, the Proposal Trustee filed its first report to Court (the “First Report”) to provide the Court with the following:

  1. The Companies’ previous dealings with PwC LLP;
  2. Background information on the Companies, including their financial position, financial results, causes of financial difficulties, and insolvency;
  3. A summary of the Companies’ activities since the filing dates;
  4. A summary of the core 10-Day CFF for the period from May 26, 2015 to August 22, 2015 and the RMP 10-Day CFF for the period May 28, 2015 to August 22, 2015 (both as defined in the First Report);
  5. Actual cash flow for Core and RMP for the period May 26, 2015 to June 13, 2015 and May 28, 2015 to June 13, 2015, respectively;
  6. Distribution to Bank of Nova Scotia (“BNS”) during the NOI proceedings and a review of the security position of BNS against RMP and the Guarantors;
  7. A summary of the Proposal Trustee’s activities since the Filing Dates; and
  8. The Proposal Trustee’s recommendations in respect of the Companies’ request for the relief sought in the Companies’ motion.

Status Update at June 16, 2015

On June 15, 2015, the Companies filed a motion for an Order:

  1. Extending the time for filing Core Sports Inc.’s (“Core”) proposal pursuant to s.50.4(9) of the BIA until August 8, 2015;
  2. Extending the time for filing R.M.P. Athletic Locker Limited’s (RMP) proposal until August 10, 2015;
  3. Approving the administrative consolidation of Core and RMP’s proposal proceedings;
  4. Approving the e-service Protocol;
  5. Approving the Administration Charge; and
  6. Approving the First Report of the Proposal Trustee and its activities.

A motion will be heard on June 19, 2015.



This Web site will be updated as information becomes available.

For more information, please contact: Tammy Muradova, Telephone: +1 416 941 8383 ext 14456, or via Email.
 

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Tammy Muradova

Tel: +1 416 941 8383 ext 14456
Email