0989705 B.C. Ltd., Alderbridge Way GP Ltd. and Alderbridge Way Limited Partnership

Overview

On April 1, 2022, 0989705 B.C. Ltd., Alderbridge Way GP Ltd., and Alderbridge Way Limited Partnership (collectively, “Alderbridge”), were granted an initial order (the “Initial Order”) to commence proceedings (the “CCAA Proceedings”) under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”). Pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was appointed as monitor (the “Monitor” or “A&M”) in the CCAA Proceedings.

The Initial Order granted a stay of proceedings until April 11, 2022 (the “Stay Period”) and provided that during the Stay Period, no proceedings may be commenced against Alderbridge.

On April 25, 2022, The Bowra Group Inc. replaced A&M as Monitor.



File Updates

On April 11, 2022, the Court extended the Stay Period until April 25, 2022.

On April 25, 2022, the Court:

Extended the Stay Period until August 3, 2022.
Discharged A&M as Monitor and appointed The Bowra Group Inc. as Monitor.
Approved a sales and investment solicitation process (“SISP”).
The Monitor has engaged Cushman & Wakefield ULC as the sales agent to assist with the SISP.

On July 22, 2022, the Court extended the Stay Period until August 12, 2022.

On August 11, 2022, the Court extended the Stay Period until October 7, 2022.

On October 7, 2022, the Court extended the Stay Period until December 9, 2022.

On December 9, 2022, the Court extended the Stay Period until February 24, 2023.

On February 24, 2023, the Court extended the Stay Period until June 2, 2023.

On May 31, 2023, the Court extended the Stay Period until September 29, 2023.

On September 27, 2023, the Court extended the Stay Period until December 1, 2023.

On December 1, 2023, the Court extended the Stay Period until March 1, 2024.

On February 23, 2024, the Court extended the Stay Period until May 31, 2024.

On May 31, 2024, the Court extended the Stay Period until September 6, 2024.



Sale of Assets

The Monitor engaged Cushman & Wakefield ULC (“Cushman”) to assist with the SISP. Interested parties should contact Cushman to obtain and execute a copy of the non-disclosure agreement (“NDA”) in order to access the due diligence data room. The key dates for the SISP are as follows:

Process commencement – April 26, 2022
LOI Deadline – May 18, 2022
Bid Process Commencement – May 24, 2022
Final Bid Deadline – June 22, 2022
Final Agreement Deadline – July 4, 2022
Outside Closing Date – July 27, 2022

The Monitor, with the consent of Romspen Investment Corporation has extended the following dates with respect to the SISP:

Final Bid Deadline – from August 10 (originally June 22) to October 31, 2022
Final Agreement Deadline – from August 22 (originally July 4) to November 12, 2022
Outside Closing Date – from September 14 (originally July 27) to November 27, 2022
The SISP was terminated on December 7, 2022.