0989705 B.C. Ltd., Alderbridge Way GP Ltd. and Alderbridge Way Limited Partnership

Overview

On April 1, 2022, 0989705 B.C. Ltd., Alderbridge Way GP Ltd., and Alderbridge Way Limited Partnership (collectively, “Alderbridge”), were granted an initial order (the “Initial Order”) to commence proceedings (the “CCAA Proceedings”) under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”). Pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was appointed as monitor (the “Monitor” or “A&M”) in the CCAA Proceedings.

The Initial Order granted a stay of proceedings until April 11, 2022 (the “Stay Period”) and provided that during the Stay Period, no proceedings may be commenced against Alderbridge.

On April 25, 2022, The Bowra Group Inc. ("TBGI") replaced A&M as Monitor.

Effective December 1, 2022, TBGI merged with MNP Ltd. ("MNP"), and pursuant to orders granted December 21, 2022 and October 24, 2023, MNP was subsituated as Monitor in place of TBGI in these CCAA proceedings. 

File Updates

On April 11, 2022, the Court extended the Stay Period until April 25, 2022.

On April 25, 2022, the Court:

• Extended the Stay Period until August 3, 2022.
• Discharged A&M as Monitor and appointed TBGI as Monitor
• Approved a sales and investment soliciation process ("2022 SISP").
• The 2022 SISP was terminated on December 7, 2022. 

On July 22, 2022, the Court extended the Stay Period until August 12, 2022.

On August 11, 2022, the Court extended the Stay Period until October 7, 2022.

On October 7, 2022, the Court extended the Stay Period until December 9, 2022.

On December 9, 2022, the Court extended the Stay Period until February 24, 2023.

On February 24, 2023, the Court extended the Stay Period until June 2, 2023.

On May 31, 2023, the Court extended the Stay Period until September 29, 2023.

On September 27, 2023, the Court extended the Stay Period until December 1, 2023.

On December 1, 2023, the Court extended the Stay Period until March 1, 2024.

On February 23, 2024, the Court extended the Stay Period until May 31, 2024.

On May 31, 2024, the Court extended the Stay Period until September 6, 2024.

On August 2, 2024, the Court:

• Extended the Stay Period until November 22, 2024.
• Approved a sales and investment soliciation process ("2024 SISP").

Sale of Assets

The 2022 SISP approved on April 25, 2022 was terminated with the consent of Romspen on December 7, 2022.

On August 6, 2024, the Court approved the 2024 SISP. The Monitor engaged Jones Lang LaSalle Real Estate Services, Inc. ("JLL") to assist with the 2024 SISP. Interested parties should contact JLL to obtain and execute a copy of the non-disclosure agreement ("NDA") in order to access the due diligence data room. The key dates for the 2024 SISP are as follows:

• Sales Process to Commence - August 6, 2024
• LOI Deadline - September 25, 2024
• Notification of Qualified Bidders - October 2, 2024
• Final Bid Deadline - October 16, 2024
• Notification of Successful Bidder or Back-up Bidder - October 21, 2024
• Final Agreement Deadline - November 4, 2024
• Court Approval Deadline - November 29, 2024
• Outside Closing Date - December 31, 2024

The deadline for Notification of Qualified Bidders was extended to 5:00pm PST October 7, 2024.

On October 16, 2024, the Monitor, pursuant to paragraph 10 of the 2024 SISP, extended the following target dates:

• Final Bid Deadline from October 16, 2024 to October 30, 2024
• Notification of Successful Bidder or Back-up Bidder from October 21, 2024 to November 6, 2024
• Final Agreement Deadline from November 4, 2024 to November 22, 2024
• Court Approval Deadline from November 29, 2024 to December 13, 2024
• Outside Closing Date from December 31, 2024 to January 31, 2025

Please contact Kevin Meikle or Edgar Buksevics at JLL with respect to information on the 2024 SISP:

Kevin Meikle
604-267-2455 / 604-805-8787
kevin.meikle@jll.com

Edgar Buksevics
604-998-6021 / 604-928-4689
edgar.buksevics@jll.com