Engagements

Process Products Limited

On July 20, 2018, Process Products Limited (the “Company”) filed a Notice of Intention to Make a Proposal (“NOI”) under Section 50.4 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the “BIA”), and A. Farber & Partners Inc. (“Farber”) was appointed as proposal trustee in the Company’s NOI proceedings (in such capacity, the “Proposal Trustee”). A copy of the Certificate of Filing of a Notice of Intention to Make a Proposal is posted below.

The NOI filings by the Process Products Limited provide an automatic stay of proceedings against the creditors of the Company for a 30 day period (the “Stay Period”), thus providing the opportunity to restructure the affairs of Process Products Limited and formulate a proposal to creditors. Copies of the NOI and notice to creditors are posted below.

Status Updates

On August 15, 2018, the Company brought a Motion to the Ontario Superior Court of Justice (Commercial List) (the “Court“) for a Court Order seeking an extension to the time within which the Company is required to make a Proposal.  The Court issued an Order granting the extension to October 3, 2018 (the “First Extension Order”). A copy of this First Extension Order is posted below.

On October 2, 2018, the Company brought a Motion to the Court seeking a brief extension of the time within which the Company is required to make a Proposal. The Court issued an endorsement granting the extension to October 11, 2018 (the “Second Extension Endorsement”). A copy of the Second Extension Endorsement is posted below.

On October 11, 2018, the Company brought a Motion to the Court seeking a third extension of the time within which the Company is required to make a Proposal. The Court issued an Order granting the extension to November 17, 2018 (the “Third Extension Order”). A copy of Third Extension Order is posted below.

On November 16, 2018, the Company filed a proposal (the “Proposal”) with the Proposal Trustee. The Proposal Trustee mailed a Notice of Proposal Package to all creditors on November 26, 2018. A General Meeting of Creditors to consider and vote on the Proposal was held on Friday, December 7, 2018, at 10:30 a.m. at the office of the Proposal Trustee, whereat the Proposal was approved by the required majority of creditors. A copy of the Notice of Proposal Package is posted below.

The Proposal Trustee also issued a supplementary report to creditors on January 9, 2018 (the “Supplementary Report”) as an update to the Company’s creditors on a change in the financial circumstances of the Company in advance of the above-noted hearing date for approval of the Proposal. Creditors are encouraged to read the Supplementary Report in conjunction with the initial Trustee’s Report to Creditors dated November 22, 2018, which is included in the Notice of Proposal Package posted below.

The Court issued an Order approving the Proposal (the “Approval Order”) on January 29, 2019. A copy of the Approval Order is posted below.

Creditor or Employee Inquiries

For creditor or employee inquiries, please contact:

Geanina Schmidt
Associate | Restructuring
T: 416.496.3753
E: gschmidt@farbergroup.com

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.

Documents

Proposal Documents

Court Orders & Endorsements

 Motion Materials

Court Reports