Alaska - Alberta Railway Development Corporation, 7198362 Manitoba Ltd. and 12703131 Canada Ltd.

On June 18, 2021, Alaska – Alberta Railway Development Corporation (“AARDC”), 7198362 Manitoba Ltd. (“7198362”) and 12703131 Canada Ltd. (“12703131”, collectively the “Companies”)) filed Notices of Intention to Make Proposals pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (“BIA”).  The Companies were granted a 30 day stay of proceedings pursuant to Section 69(1) of the BIA (the “Initial Stay”).

On July 12, 2021, the Court of Queen’s Bench of Alberta (the “Court”) granted an Order terminating the stay of proceedings for 7198362 and 12703131, both of which were subsequently deemed to be bankrupt.  Additional information on the bankruptcy proceedings will be posted on the Trustee’s website at the following links:

• 7198362: https://mnpdebt.ca/en/corporate/corporate-engagements/7198362-manitoba-ltd.
• 12703131: https://mnpdebt.ca/en/corporate/corporate-engagements/12703131-canada-ltd

Also on July 12, 2021, the Initial Stay for AARDC was extended to August 31, 2021.  At the same hearing, MNP Ltd. was appointed as Interim Receiver of AARDC.  Additional information on the interim receivership proceedings will be posted on the Interim Receiver’s website at the following link:

• AARDC: https://mnpdebt.ca/en/corporate/corporate-engagements/alaska-alberta-railway-development-corporation

On October 27, 2021, a Proposal for AARDC was filed with the Official Receiver.  The proposal was approved by the required majority of creditors at a meeting held on November 9, 2021.  An application for Court approval will now be held on December 16, 2021.