On May 20, 2016, 101133330 Saskatchewan Ltd. (O/A Orr Centre) and 101149825 Saskatchewan Ltd. filed an application in the Court of Queen’s Bench for Saskatchewan and commenced Court-supervised restructuring proceedings under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”).
The applicants hold, respectively, development land in Saskatoon and an operational multi-use property in Regina.
A stay of proceedings, extended to June 12, 2017, prevents creditors of the applicants from taking any proceedings against the applicants and permits the applicants to remain in control of their assets and to continue to carry on business during the restructuring period.
David Gerecke of Miller Thomson advised Firm Capital Corporation, a major secured lender to the applicants, in these proceedings, including with respect to a forbearance agreement that enabled Firm Capital Corporation to be removed from the stay of proceedings.