On May 25, 2015, IMRIS Inc., a Canadian public company, its United States subsidiary IMRIS, Inc. and its Canadian subsidiary NeuroArm Surgical Ltd. (collectively "IMRIS" or the "Chapter 11 Debtors") filed voluntary petitions under Chapter 11 of Title 11 of the United States Code 11 U.S.C. 101-1532 (the "Chapter 11 Cases") in the United States Bankruptcy Court for the district of Delaware (the "US Bankruptcy Court"). Amongst other things the US Bankruptcy Court has granted a stay of proceedings against Imris.
The US Bankruptcy Court also granted a number of court orders in respect of the Chapter 11 Cases (“US Orders”). The US Orders and further information on the Chapter 11 Cases can be found on the website "http://www.kccllc.net/IMRIS".
On June 3, 2015, on application by IMRIS, Inc. as the foreign representative of the Chapter 11 Debtors the Manitoba Court of the Queen's Bench, Winnipeg Centre (the "Canadian Court") granted a stay of proceedings against the Chapter 11 Debtors pursuant to Part IV of the Companies' Creditors Arrangement Act ("CCAA"). The Initial Recognition Order and Supplemental Order provided for:
a) recognition of the Chapter 11 Cases as the foreign main proceedings and IMRIS, Inc. as the foreign representative;
b) a stay of proceedings and continuation of services to the Chapter 11 Debtors;
c) recognition of the US Orders granted to date in the Chapter 11 Cases (the "First Day Orders");
d) the appointment of FTI Consulting Canada Inc. (“FTI”) and subsequently Alvarez & Marsal Canada Inc. as Information Officer to the Canadian Court;
e) a charge (the "Administration Charge") up to US$200,000 on the assets of the Chapter 11 Debtors property in Canada for professional fees and disbursements of the Information Officer, its counsel and the Chapter 11 Debtors counsel; and
f) a charge (the "DIP Charge") on the assets of the Chapter 11 Debtors in Canada as security for the Company's DIP Facility.
On June 11, 2015 on Application of Imris, Inc. the Canadian court granted a Replacement Order and approved amendments to the Initial Recognition Order and Supplemental Order.
The Replacement Order provides for:
• the termination of the appointment of FTI as Information Officer in the Canadian proceedings and FTI was discharged;
• the appointment of Alvarez & Marsal Canada Inc. (“A&M Canada”) as Information Officer for the Chapter 11 Cases.
The Initial Recogniton and Supplemental Orders were amended and restated to reflect the appointment of A&M Canada as the Information Officer.
Copies of Canadian Court orders and other material relating to these proceedings will be available on this website.
For additional information please contact A&M Canada:
Tim Reid Phone: 403-538-7555
Fax: : 403-538-7551