On February 28, 2011, Adanac Molybdenum Corporation announced that it successfully implemented its plan of compromise and arrangement and emerged from CCAA protection. It was announced that, on implementation, Adanac’s outstanding common shares were consolidated on a 150 to 1 basis with 24,698,888 post-consolidation common shares issued to creditors.
Adanac owns the Ruby Creek Project, located in northwest British Columbia.
On April 8, 2011, Ambrilia Biopharma Inc. announced that it would seek the permission of the Québec Superior Court to terminate its CCAA protection after which Ambrilia would file for bankruptcy under the BIA. Ambrilia has been under CCAA protection since July 31, 2009.
Based in Montreal, Québec, Ambrilia focused on the development of treatments for viral diseases and cancer.
On April 4, 2011, Angiotech Pharmaceuticals, Inc. announced that the affected creditors of Angiotech and certain of its subsidiaries have unanimously approved the Second Amended and Restated Plan of Compromise or Arrangement regarding such subsidiaries under the CCAA. The plan was approved by the Supreme Court of British Columbia on April 6, 2011. On May 12, 2011, Angiotech announced that the Second Amended and Restated Plan of Compromise or Arrangement was successfully implemented – US$250,000,000 7.75% senior subordinated notes due 2014 were cancelled in exchange for the issuance of new common shares of Angiotech to the holders of such notes.
Angiotech develops and markets treatment solutions for diseases or complications associated with medical device implants, surgical interventions and acute injury.
On May 19, 2011, Davie Yards Inc. announced that it obtained an order from the Québec Superior Court extending its CCAA stay to July 7, 2011. It was also announced that Davie was continuing its discussions with Fincantieri – Cantieri Navali Italiani and DRS Technologies Canada regarding the proposed acquisition of the Davie shipyard by an entity that would be majority owned by Fincantieri.
Davie builds offshore service vessels and rigs and owns and operates the Davie Yard in Québec.
On May 30, 2011, Fortress Energy Inc. announced that it obtained an order from the Court of Queen’s Bench of Alberta extending its CCAA protection to June 30, 2011.
On February 25, 2011, Groupe Dumoulin Électronique Inc. announced that it successfully obtained protection under the CCAA in Québec and will close 6 of its 21 corporate stores, thereby exiting the US market.
Groupe Dumoulin is based in Québec, Canada and sells consumer electronics.
On May 2, 2011, Nortel Networks Corporation announced that certain of its subsidiaries obtained orders from the U.S. Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice approving the stalking horse asset sale agreement with Ranger Inc. (a wholly owned subsidiary of Google Inc.) for the sale of all of Nortel’s remaining patents and patent applications for a cash purchase price of US$900,000,000. The bidding process is scheduled to end on June 13, 2011 with an auction currently scheduled for June 20, 2011.
On May 12, 2011, Nortel announced that Guangdong Nortel Telecommunication Equipment, a Chinese joint venture between Nortel Networks Limited, Nortel China Limited and certain third parties, completed the sale of substantially all of its assets to Ericsson Mobile Data Applications Technology Research and Development Guangzhou Company Limited and Ericsson (Guangdong Shunde) Communications Company Limited for approximately US$50 million in cash.
Priszm Income Fund
On March 31, 2011, Priszm Income Fund announced that it successfully filed under the CCAA in Ontario. The order was obtained in connection with Priszm’s previously announced potential sale of restaurants in Ontario and British Columbia to Soul Restaurants Canada Inc. and its potential sale of all other locations outside of Ontario and British Columbia. It was further announced that Priszm’s existing secured lenders agreed to provide additional financing of up to US$3,000,000.
On April 29, 2011, Priszm announced that it obtained an order extending the stay period to June 30, 2011.
On May 30, 2011, Priszm announced that it obtained an order from the Ontario Superior Court of Justice approving the sale of restaurants in Ontario and British Columbia to Soul Restaurants for an aggregate purchase price of $42.8 million. On June 1, 2011, Priszm announced that the sale closed. It also announced that, regarding its remaining restaurants, offers were received on May 25, 2011 and Priszm was in the process of reviewing the offers.
Priszm holds an interest in Priszm Limited Partnership which owns and operates restaurants across Canada.