Pretty Estates Ltd. (the “Company”) – Restructuring under the Companies’ Creditors Arrangement Act
UPDATES
April 7, 2016
The sale of the Company’s shares has completed as of today. With respect to the distribution to the Company’s unsecured creditors pursuant to the Plan of Arrangement, the Monitor will issue cheques by regular mail on Friday, April 8, 2016.
March 10, 2016
The Court, at the Sanction Hearing, approved the Company’s Plan. A copy of the entered Order is posted below.
March 8, 2016
The Sanction Hearing is scheduled for tomorrow. Copies of the following documents have been posted below: Monitor’s Tenth Report to Court, Notice of Application dated March 4, 2016, and Affidavit #3 of Gary Powroznik.
March 4, 2016
At the March 3, 2016 meeting of creditors, the Company’s General Creditors voted in favour of the Restructuring Plan. A copy of the Monitor’s Certificate filed with the Court, confirming the results of the vote, is posted below. The Sanction Hearing will occur on Wednesday March 9, 2016; at such time the Company will seek the Court’s approval of its Restructuring Plan. Further documents will be posted, including the Monitor’s Tenth Report, when they are available.
February 26, 2016
By consent Order dated February 24, 2016 , the Company’s stay of proceedings has been extended to April 21, 2016. A copy of the Order is attached below.
Also, the Company has filed its Plan of Arrangement (Restructuring Plan). Creditors may now vote on the Plan, in advance of the meeting of creditors which will be held on Thursday, March 3, 2016. Today, the Monitor will distribute to creditors by e-mail a copy of the Plan, along with the Feb. 24 Order, Notice of the meeting of creditors, a voting letter, a proxy, and a copy of the Monitor’s Ninth Report which recommends acceptance of the Plan. Copies of all pertinent documents are posted below.
January 5, 2016
The Company and its shareholders have selected a purchaser and have entered into a Purchase Agreement as defined in the Order Made After Application dated December 15, 2015. Accordingly, the stay of proceedings have been extended to March 4, 2016. The Monitor filed a certificate (“Monitor’s Certificate”) with the Court on December 31, 2015 to confirm the above.
A copy of the Monitor’s Certificate as filed with the Court is posted below (in “Other Filing Materials” section). Further updates will be posted as they become available.
December 22, 2015
The Company’s stay of proceedings has been extended to December 31, 2015 to allow it further time to enter into a share purchase agreement (SPA) or asset purchase agreement (APA) with a prospective buyer. If the Company enters into a SPA or an APA by Dec. 31, the stay will be extended until March 4, 2016. For further information, please review the Court Order dated December 15, 2015 posted below.
December 14, 2015
The Court application commenced today, and was adjourned to December 15 where it is expected to continue for most of the day. The Company seeks an extension of the stay of proceedings in order to allow it to enter into a binding agreement of sale. Further updates will be posted when available.
December 8, 2015
The Company’s next Court application will be heard on Monday, December 14, 2015. The stay of proceedings has been briefly extended until that time via Consent Order (posted below). The Monitor’s Eighth Report in this proceeding is posted below.
November 3, 2015
By way of Consent Order, the Company’s stay of proceedings has been extended to December 7, 2015. A copy of the Order is posted below.
October 1, 2015
At a September 30 hearing, the Court approved an extension of the Company’s stay of proceedings until October 30, 2015. A copy of the Monitor’s Seventh Report is posted below. A copy of the Court Order is posted below.
August 7, 2015
The Claims Package has been mailed to creditors as of Thursday, August 6th. Refer to the Claims Process page (link below) for all pertinent documents including a creditor list and the Proof of Claim form.
**LINK TO CLAIMS PROCESS PAGE**
July 29, 2015
At the July 23 hearing, the Court approved an extension of the Company’s stay of proceedings until September 30, 2015. In addition, the Court authorized a Claims Process for the creditors of the Company. Copies of the Order for Extension of Stay of Proceedings and the Claims Process Order are posted below. Please click on the link above for more information on the Claims Process.
July 22, 2015
The Company will make a Court application on Thursday, July 23 at 10am to request Court approval for the extension of the stay of proceedings to September 30, 2015. In addition, the Company is requesting a Claims Process Order so that a claims process can be commenced in early August 2015. The Monitor has filed its Sixth Report to Court dated July 21, 2015 which contains new information on the Company’s CCAA process; the report is posted below and it is recommended that stakeholders review the report. More information will follow after the 07/23 Court hearing.
April 29, 2015
The Company received an extension of the stay of proceedings until Friday, July 31, 2015 and also received approval for an increase of the DIP financing to a maximum of $1,000,000. In addition, the Court dispensed with the obligation of the Monitor to file monthly reports with the Court and instead IHM will simply provide an operations report to the Monitor and the secured creditors each month. The Court Order dated April 28, 2015 is posted below.
April 26, 2015
The Company will make an application to Court on April 28, 2015 to request an extension of its stay of proceedings to July 31, 2015 and also to request additional DIP Financing. Related to this application, the Monitor’s Fifth Report, the Notice of Application and other related materials are posted below. Results of the Court application will be posted to this page when known.
April 2, 2015
The Monitor has filed its Fourth Report, dated March 31, 2015, with the Court. A copy of the Fourth Report is posted below. The Monitor’s next report will be issued on or about April 17, 2015, in preparation for the next Court hearing in this proceeding which will occur sometime in the last week of April 2015, and prior to April 30, 2015.
March 2, 2015
Pursuant to the December 15, 2014 Order, the Monitor filed with the Court its Third Report on February 27, 2015. A copy of the Third Report is posted below. The Monitor will issue its Fourth Report no later than March 31, 2015.
February 2, 2015
Pursuant to the December 15, 2014 Order, the Monitor filed with the Court its Second Report on January 30, 2015. A copy of the Second Report is posted below. The Monitor will issue its Third Report no later than February 27, 2015.
December 15, 2014
The Court made an Order and granted to the Company an extension of the stay of proceedings to April 30, 2015, and increased the DIP Lender’s Charge to $750,000. Also, the Monitor is required to file an update report with the Court, with a copy to the secured creditors, on the status of the Company’s progress with respect to its restructuring efforts by the last day of each month commencing January 30, 2015. A copy of the December 15 Court Order is posted below.
December 10, 2014
The Court granted a brief extension of the stay of proceedings to December 15, 2014. The Comeback Hearing will occur on that date.
December 8, 2014
The Monitor’s First Report dated December 5, 2014 is posted below. The Comeback Hearing is initially scheduled for Wednesday, December 10 and is expected to be adjourned until December 15 due to scheduling issues with legal counsel to one of the respondents.
OVERVIEW
On November 10, 2014, in an effort to restructure its business, the Company made an application to the Supreme Court of B.C. (“Court”) and obtained a stay of proceedings under the Companies’ Creditors Arrangement Act (“CCAA”). G. Powroznik Group Inc. of G-Force Group was appointed Monitor of the Company under the CCAA proceedings.
The Company operates the Pretty Estates Resort, located in Harrison Mills, BC, which includes the 18-hole Sandpiper Golf Course, the River’s Edge Restaurant, and Rowena’s Inn on the River (collectively, the “Resort”).
The Court has granted a stay of proceedings to the Company for an initial period of 30 days pursuant to the CCAA. The Comeback Hearing is scheduled for 9:45am on Wednesday, December 10, 2014.
Pertinent documents to the CCAA proceeding are included below. Further updates, and information, will be posted to this website as they occur.
CCAA DOCUMENTS
Plan of Arrangement and Creditors Meeting
Monitor’s Certificate (March 3, 2016)
Notice of Creditors Meeting (to be held Mar. 3, 2016)
Pretty Estates Ltd. Plan of Arrangement (February 22, 2016)
Court Orders
Sanction Order – March 9, 2016
Consent Order (Meeting Order) – February 24, 2016
Order – December 15, 2015 (extending the stay)
Consent Order – Dec. 7, 2015 (extending the stay to Dec. 14, 2015)
Consent Order – Nov. 2, 2015 (extending the stay to Dec. 7, 2015)
Order – September 30, 2015 (extending the stay to Oct. 30, 2015)
Order – July 23, 2015 (extending the stay to Sept. 30, 2015)
Order – April 28, 2015 (extending the stay to July 31, 2015)
Order – December 15, 2014 (extending the stay to April 30, 2015)
Order Extending the Stay to December 15, 2014 (granted Dec. 10, 2014)
Initial CCAA Order – November 10, 2014
Monitor’s Reports
Tenth Report of the Monitor – March 4, 2016
Ninth Report of the Monitor – February 24, 2016
Eighth Report of the Monitor – December 9, 2015
Seventh Report of the Monitor – September 28, 2015
Sixth Report of the Monitor – July 21, 2015
Fifth Report of the Monitor – April 23, 2015
Fourth Report of the Monitor – March 31, 2015
Third Report of the Monitor – February 27, 2015
Second Report of the Monitor – January 30, 2015
First Report of the Monitor prepared for the Comeback Hearing – December 5, 2014
Pre-filing Report of G. Powroznik Group Inc. – November 5, 2014
Other correspondence
List of Creditors with claims > $1,000 including Monitor’s letter dated Nov. 17, 2014
Affidavits and Other Filing Materials
Affidavit No. 3 of Gary Powroznik – Mar. 4, 2016 (re: passing of accounts)
Monitor’s Certificate – December 31, 2015
Affidavit No. 1 of Mohamed Samman
Affidavit No. 1 of Betty Anne Faulkner
Affidavit No. 2 of Betty Anne Faulkner
Affidavit No. 1 of Neil Atchison
Affidavit No. 1 of Kimberley Manderson
Affidavit No. 2 of Kimberley Manderson
Affidavit No. 1 of Reilly Pollard
Notice of Application – March 4, 2016
Notice of Application – July 21, 2015
Notice of Application – April 23, 2015
Notice of Application – December 5, 2014
Petition to the Court – November 6, 2014
For further inquiries on this proceeding, please contact Chris Sinclair at G-Force Group at 778-371-0013 or csinclair@g-forcegroup.ca. All media inquiries should be directed to Gary Powroznik of G-Force Group at 778-371-0008 or gpowroznik@g-forcegroup.ca
