Ben Moss Jewellers Western Canada Ltd.
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.
Monitor Hotline: 1-855-499-1480
Alvarez & Marsal Canada Inc.
Royal Bank Plaza, South Tower
200 Bay Street, Suite 2900
P.O. Box 22
Toronto ON M5J 2J1