Kirkland Lake Forest Products Inc. (the “Company”) filed a Notice of Intention to Make Proposal (“NOI”) under Section 50.4 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the “BIA”) on December 6. 2019. B. Riley Farber Inc. (“B. Riley Farber”) was appointed as Proposal Trustee (the “Proposal Trustee”). A copy of the Certificate of Filing of a Notice of Intention to Make a Proposal and the Notice to Creditors are posted below.
The NOI filing provides an automatic stay of proceedings against the creditors of the Company for a 30-day period thus providing the Company the opportunity to restructure its affairs. and formulate a proposal to creditors. During this time, the Company is not bankrupt and the Company intends to re-open the plant for operations.
It is currently anticipated that the proposal, along with the Proposal Trustee’s report thereon and a proof of claim, will be sent to the creditors by January 5, 2020. Creditors must then complete the proof of claim that will accompany the proposal and return it to the Proposal Trustee to participate in the proposal process.
On December 18, 2019, the Company filed a proposal (the “Proposal”) with the Proposal Trustee. The Proposal Trustee mailed a Notice of Proposal to all creditors on December 20, 2019. A General Meeting of Creditors (the “Meeting“) to consider and vote on the Proposal was held on Wednesday, January 8, 2019, at 2 p.m. at Heritage North Conference & Events Centre, 400 Government Road West, Theatre Room, Kirkland Lake. At the Meeting, the Proposal was amended (the “Amended Proposal”) to remove the secured creditors from the Proposal. There was no change in the funds available to the unsecured creditors. The Amended Proposal was approved by the required majority of creditors. A copy of the Notice of Proposal is posted below.
The Court issued an Order approving the Amended Proposal (the “Approval Order”) on February 4, 2020. A copy of the Approval Order is posted below.
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The case updates and court filed documents on this website are for information purposes only and you should consult your financial or legal adviser if you have any questions or concerns about your rights or obligations. Additional updates on the status of these proceedings may become available in the future.
- Certificate of Filling of a Notice of Intention to Make a Proposal
- NOI Creditors Package
- Amended Proposal
- Notice of Proposal to Creditors – Creditors Package
- Proof of Claim and Proxy Form
- None to date
Court Orders & Endorsements
- None to date