On August 25, 2023, Griffon Partners Operation Corp., Griffon Partners Holding Corp., Griffon Partners Capital Management Ltd., Spicelo Limited, Stellion Limited, 2437799 Alberta Ltd., 2437801 Alberta Ltd. and 2437815 Alberta Ltd. (collectively, the “Companies”) filed Notices of Intention to Make a Proposal (the “NOIs”) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (Canada), RSC 1985, c B-3 (the “BIA”) and Alvarez & Marsal Canada Inc. (“A&M”) was appointed as trustee under the proposal of the Companies (the “Proposal Trustee”).

On September 22, 2023, an Order was granted by the Court of King’s Bench of Alberta (the “Court”), extending the stay of proceedings under the NOI proceedings (“NOI Proceedings”) to November 8, 2023. Subsequent orders on October 18, 2023, November 8, 2023, December 15, 2023 and February 6, 2024 extended the stay of proceedings to February 8, 2024.

On February 7, 2024, the Debtors were granted two Orders (the “Initial Order” and the “Amended and Restated Initial Order”) by the Court under the Companies’ Creditors Arrangement Act, RSC 1985, c C-36, as amended (the “CCAA”), which directed that the NOI Proceedings under the BIA were to be taken up and continued under the CCAA. A&M was appointed pursuant to the CCAA as monitor (the “Monitor”) of the business and financial affairs of the Companies.

The Amended and Restated Order provides for, among other things, an extension of the stay of proceedings to March 6, 2024 (the “Extended Stay Period”). The Stay Period may be further extended by the Court from time to time.