On April 5, 2024, Tebo Mill Installations Inc. (“TMI”), Tebo Mill Construction Inc. (“TMC”), Algon Holdings Inc. (“Algon”), Fraserview Fabrication and Machining Inc. (“FFM”), and Ptolemytech Consultants Inc. (“Ptolemytech”) (collectively, the “TEBO Group” or the “Petitioners”) obtained a court order (the “Initial Order”) from the Supreme Court of British Columbia (the “Court”) pursuant to the Companies’ Creditors Arrangement Act, R.S.C. 1985, c-36 (“CCAA”). Crowe Mackay & Company Ltd. has been appointed as Monitor.
The Initial Order provides, inter-alia, a stay of proceedings until and including April 15, 2024 (the “Stay Period”) and may be extended by the Court. During the Stay Period, all parties are prohibited from commencing or continuing legal action against the Companies and all rights and remedies of any party against or in respect of the Companies or its assets are stayed and suspended pursuant to the terms set out in the Initial Order.
On April 11, 2024, the Petitioners filed a Notice of Application returnable April 15, 2024 (the “Comeback Application”) seeking an amended and restated Initial Order (the “ARIO”) to provide for, among others, orders extending the Stay Period from April 15, 2024, up to and including May 6, 2024 (the “Stay Extension”) and amending paragraphs 10(a) and 10(b) of the Initial so as to clarify that the Petitioners may make certain payments of interest to Royal Bank of Canada on account of its pre-filing indebtedness during the pendency of these proceedings and make payments in respect of pre-filing financing leases with the authorization of the Monitor. On April 15, 2024 the Court granted the relief sought in the ARIO. A copy of the ARIO is below.
On April 24, 2024, the Monitor issued a material adverse change report (the “MAC Report”) pursuant to 23(1)(d) of the CCAA. A copy of the MAC Report is below.