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Lemare Holdings Ltd. et al.


Lemare Holdings Ltd., Lemare Lake Logging Ltd., Lone Tree Logging Ltd., C. & E. Roadbuilders Ltd., Coast Dryland Services Ltd., Dominion Log Sort Ltd., and Central Coast Industries Ltd. (together, the "Petitioners") filed an application before the Supreme Court of British Columbia (the "British Columbia Court") pursuant to the Companies' Creditors Arrangement Act, R.S.C. 1985 c. C-36 as amended (the "CCAA").
The British Columbia Court made an order (the "Initial Order") on June 21, 2012, granting the Petitioners the protections afforded by a stay of proceedings until July 20, 2012 while the Company pursues restructuring initiatives under the CCAA. The initial stay of proceedings has been extended until November 30, 2014.
The Initial Order appointed Alvarez & Marsal Canada Inc. as Monitor of the business and financial affairs of the Petitioners in the CCAA proceedin​gs.
A meeting of trade creditors (the “Trade Creditors Meeting”) was held on July 8, 2014 for the purpose of voting on the plan of arrangement (the “Plan”) tabled by the Petitioners in accordance with the terms of the Meeting Order dated May 21, 2014 (the “Meeting Order”) and a motion to approve the Plan was carried by requisite majorities pursuant to the Meeting Order and CCAA. Minutes of the Trade Creditors Meeting are available here.

On November 26, 2014, Mr. Justice Grauer of the Supreme Court of British Columbia granted an order (the “Sanction Order”) which sanctioned and approved the Plan filed by the Petitioners.  A number of conditions precedent to the Plan have yet to be satisfied or waived.  A further update will be provided by the Monitor once all conditions precedent of the Plan have been satisfied and the Plan Implementation Date (as defined in the Plan) has been confirmed.

In accordance with the Plan, the Monitor filed a Plan Implementation Certificate with the Court on November 28, 2014 confirming that all conditions precedent in paragraph 10 of the Plan had been satisfied or waived effective November 27, 2014. A copy of the Plan Implementation Certificate can be viewed here.

Contact Us

If you have any questions regarding this matter, please contact Tom Powell:
Alvarez & Marsal Canada Inc.
Commerce Place
400 Burrard Street, Suite 1680
Vancouver, BC V6C 3A6
Electronic mail:Tom Powell
Telephone: 604-639-0846
Fax: 604-638-7441