Update - August 23, 2024

On August 23, 2024, the Transaction closed and pursuant to the AVO, the Receiver filed a certificate with the Court on August 27, 2024, certifying that the Transaction had been completed to the satisfaction of the Receiver, effective August 23, 2024.

Update - August 12, 2024

On August 12, 2024, the Court granted an Approval and Vesting Order (the “AVO”) in respect of a purchase and sale transaction (the “Transaction”) between the Receiver and Hallano Farm Holdings Inc.

Update – August 2, 2024

On August 2, 2024, the Receiver filed a Requisition with the Court to reset the application of the Receiver originally scheduled for hearing on August 1, 2024, and adjourned by Order of Madam Justice Fitzpatrick, in Chambers, on that date to August 12, 2024.

Update – August 1, 2024

On July 31, 2024, the Receiver filed a Requisition with the Court to reset the application of the Receiver originally scheduled for hearing on July 31, 2024 seeking approval of a purchase and sale transaction in respect of certain of Bifano’ assets and business, to August 1, 2024.

Update – June 24, 2024

On June 24, 2024, Alvarez & Marsal Canada Inc. was discharged as Monitor in the CCAA Proceedings and appointed as receiver and manager (the “Receiver”), without security, of all the assets, undertakings and property of Bifano, except for specific leased equipment outlined in the Receivership Order, pursuant to section 243 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3 (the “BIA”) and section 39 of the Law and Equity Act, R.S.B.C. 1996, C. 253 (the “LEA”).

Update – April 16, 2024

Alvarez & Marsal Canada Inc. in its capacity as Monitor in the CCAA Proceedings of Bifano Consolidated Inc., et al., confirms that the Monitor has extended the Bid Submission Deadline as defined in the Sales Solicitation Procedures and pursuant to the Sales Process Order granted by the Honourable Madam Justice Fitzpatrick on March 11, 2024.  The Bid Submission Deadline has been extended from April 19, 2024 to May 10, 2024.  Other relevant dates in the Sales Solicitation Procedures in respect of the Selection of Successful Bids, Approval Order and Outside Closing Date will be updated in due course.

March 15, 2024

On March 11, 2024, the Court granted an Amended and Restated Initial Order (“ARIO”)  in respect of Bifano and extended the Stay Period to May 24, 2024.  In addition to the granting of the ARIO, the Court granted an Oder dated March 11, 2024 which approved a sales process (“Sales Process”) and sale and investment solicitation procedures (“SISP”) in respect of substantially all of the assets and business operations of Bifano.  The Sales Process is being conducted by the Monitor and commenced March 15, 2024.  A copy of a teaser document and non-disclosure agreement are available under ‘Sales and Investment Solicitation Process’.

February 28, 2024

On February 28, 2024, pursuant to an application made by the Bank of Nova Scotia, Bifano Consolidated Inc., Bifano Farms Inc., Nata Farms Inc., SSC Ventures (NO. 105) Ltd., and Spallumcheen Farm Ltd. (together “Bifano”) commenced court-supervised restructuring proceedings under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended.

On February 28, 2024, the Supreme Court of British Columbia (the “Court”) granted an order (the “Initial Order”), which, among other things, provides for a stay of proceedings until March 11, 2024 (the “Stay Period”). The Stay Period may be extended by the Court from time to time.

Also pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was appointed as monitor of the business and financial affairs of Bifano.