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6752633 Manitoba Ltd. (formerly known as Ben Moss Jewellers Western Canada Ltd.)

Introduction

February 27, 2017

On February 27, 2017, the Court made an Order, among other things, (1) extending the Stay Period until April 30, 2017; (2) approving  the activities, conduct, and reports to Court of Alvarez & Marsal Canada Inc. (“A&M”) as the Court-Appointed Monitor of Ben Moss (“Monitor”); (3) approving the fees and disbursements of the Monitor and the Monitor’s legal counsel; (4) approving the activities and conduct of FAAN Advisors Group Inc. (“FAAN”) as Court-appointed Chief Restructuring Officer of Ben Moss (“CRO”); (5) terminating these CCAA Proceedings upon the filing of a certificate by the Monitor (“Monitor’s Certificate”); (6) reducing the amount of the Administration Charge and Directors’ Charge; (7) terminating the Administration Charge and the Directors’ Charge upon the filing of the Monitor’s Certificate; (8) terminating the DIP Charge and the Agent’s Charge and Security Interest; (9) discharging and releasing A&M as the Monitor as at the time of filing of the Monitor’s Certificate; and (10) discharging FAAN as CRO as at the time of filing of the Monitor’s Certificate.

December 12, 2016

On December 12, 2016, the Court made an Order, among other things: (1) extending the Stay Period until February 28, 2017; (2) declaring that the assignment of the Assigned Leases (as defined below) by the Applicant to certain assignees shall vest all of the Applicant’s right, title and interest in the Assigned Leases in and to the respective assignees; (3) authorizing the sale of certain intellectual property (the “IP”)  to 3300393 Nova Scotia Limited (“Charm”) and vesting all right, title and interest of the Applicant in the IP in Charm free and clear of all Claims and Encumbrances; (4) authorizing the CRO (as defined below) to change the Applicant’s name; (5) modifying the thresholds on asset sales prescribed in paragraph 11(a) of the Initial Order; (6) approving the activities and conduct of FAAN Advisors Group Inc.,  in its capacity as Chief Restructuring Officer of the Applicant (the “CRO”); (7) approving the activities and conduct of Alvarez & Marsal Canada Inc., in its capacity as monitor of the Applicant (the “Monitor”); (8) authorizing, but not directing, the CRO, acting alone, to assign the Applicant into bankruptcy proceedings under the Bankruptcy and Insolvency Act; (9) authorizing, but not directing, the Applicant with the consent of the Monitor, to effect further distributions; (10) authorizing the amendment to the Agency Agreement substantially in the form attached as Exhibit H to the Fifth Manzoor Affidavit,  and (11) amending the Sale Guidelines attached as Schedule A to the Order of Justice Wilton-Siegel made in these proceedings on July 29, 2016. 

July 29, 2016

On July 29, 2016, the Court issued an order (the “Approval Order – Agency Agreement”), among other things: (1) approving the transactions contemplated under the Agency Agreement entered into between the Applicant and a contractual joint venture composed of Gordon Brothers Canada ULC and Merchant Retail Solutions ULC (the “Agent”) on July 22, 2016 (the “Agency Agreement”) and certain related relief; (2) granting the Agent’s Charge and Security Interest (as defined in the Approval Order-Agency Agreement); (3) approving the activities of the CRO; (4) approving the activities of the Monitor, and the fees and disbursements of the Monitor and its counsel; (5) approving certain modifications to the Cash Management System; (6) approving certain distributions from the Initial Guaranty Payment; and (7) granting a stay extension to December 30, 2016.

July 14, 2016

On July 14, 2016, the Court issued an order (the “Variation of RISP Order”) that further amended Phase 2 of the RISP, as amended by the Modification of RISP and Stay Extension Order dated July 7, 2016, to accelerate the RISP timeline.

July 7, 2016

On July 7, 2016, the Court issued an order (the “Modification of RISP and Stay Extension Order”), among other things: (1) extending the Stay Period (as defined in paragraph 14 of the Amended and Restated Initial Order dated May 18, 2016) until and including August 31, 2016; (2) replacing phase two (“Phase 2”) of the Refinancing and/or Investment Solicitation Process (the “RISP”, which was approved pursuant to the Amended and Restated Initial Order) with the Revised Phase 2 Process ; (3) approving the activities and conduct of FAAN Advisors Group Inc., in its capacity as Chief Restructuring Officer of the Applicant; and (4) approving the activities and conduct of the Monitor.

June 15, 2016
 

On June 15, 2016, the Court issued an order (the “Stay Extension and Approval of Sale Guidelines Order”), among other things: (1) extending the Stay Period (as defined in paragraph 14 of the Initial Order) until and including July 15, 2016; (2) approving the Sale Guidelines that have been agreed to between the Applicant, Gordon Brothers Canada ULC, Salus Capital Partners, LLC and certain landlords; (3) approving the DIP Amendment; and (4) approving the activities and conduct of the Monitor.

May 26, 2016

On May 26, 2016, the Court granted an Amended and Restated Initial Order with respect to Ben Moss’ application for creditor protection under the CCAA.

On May 18, 2016

On May 18, 2016, Ben Moss Jewellers Western Canada Ltd. (“Ben Moss” or the “Applicant”), commenced court-supervised restructuring proceedings under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”).

On the same day, the Ontario Superior Court of Justice (Commercial List) (the “Court”) granted an order (the “Initial Order”), which, among other things, provides for a stay of proceedings until June 15, 2016 (the “Stay Period”). The Stay Period may be extended by the Court from time to time.  Although not an Applicant in the proceedings, the stay of proceedings provided for in the Initial Order has been extended to J.S.N. Jewellery Inc. in connection with any Applicant Related Liabilities (as defined in paragraph 15 of the Initial Order).

Also pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was appointed as monitor (the “Monitor”) of the business and financial affairs of Ben Moss Jewellers Western Canada Ltd.

Contact Us

monitor.benmoss@alvarezandmarsal.com
Monitor Hotline: 1-855-499-1480
 
Monitor Information:
Alvarez & Marsal Canada Inc.

Royal Bank Plaza, South Tower

200 Bay Street, Suite 2900
P.O. Box 22
Toronto ON M5J 2J1
Canada