March 2, 2017

On March 2, 2017 (the “Effective Date”), Modspace’s joint prepackaged plan of reorganization (the “Plan”) became effective and Modspace emerged from Chapter 11 proceedings. 

In accordance with the Order of Mr. Justice Hainey of the Ontario Superior Court of Justice (Commercial List) dated February 21, 2017, the following also occurred on the Effective Date:

(i) The Plan became immediately  effective in Canada;

(ii) The stay of proceedings and the Part IV CCAA proceedings terminated;

(iii) The Administration Charge and the DIP Lender’s Charge, as each is defined in the Supplemental Order of Mr. Justice Newbould dated December 27, 2016, were terminated, discharged and released; and

(iv) The Information Officer was discharged.

February 21, 2017

On February 21, 2017, the Court of Queen’s Bench of Alberta made an order (the “Alberta Order”) that, among other things:
 

(i)  recognized and gave full force and effect in Alberta to the Order of the Ontario Superior Court of Justice (Commercial List) dated February 21, 2017;
 

(ii)  ordered that the articles of ModSpace Financial Services Canada, Ltd. be amended in accordance with the Plan;
 

(iii)  directed the Registrar of Corporations of the Alberta Corporate Registry to file the Articles of Reorganization attached as Schedule “A” to the Alberta Order pursuant to Section 192 of the Business Corporations Act (Alberta).
 

On February 21, 2017, the Ontario Superior Court of Justice (Commercial List) (the “Court”) granted an order (the “February 21 Order”) that, among other things:
 

(iv)  recognized and gave full force and effect to the order made by the US Court on February 15, 2017 (the “Confirmation Order”) in the Chapter 11 Proceedings (i) confirming Modspace’s joint pre-packaged plan of reorganization (the “Plan”); and (ii) approving Modspace’s disclosure statement in respect of the Plan;

(v)  declared that, on the Effective Date (as defined in the Plan), the terms of the Plan shall be immediately effective and enforceable in Canada and deemed binding upon Modspace and all claimants and shall be binding on all parties, subject to jurisdiction of the Court, with a claim against Modspace and that is a party to or are subject to the settlements, compromises, releases, discharges and injunctions defined in the Plan;

(vi) ordered that the articles of ModSpace Financial Services Canada, Ltd. be amended in accordance with the Plan;

(vii) directed the Registrar of Corporations of the Alberta Corporate Registry to file the Articles of Reorganization that are attached to the February 21 Order, pursuant to Section 192 of the Business Corporations Act (Alberta);

(viii)  recognized the Plan and ordered that it shall be immediately effective in Canada in accordance with the Confirmation Order and the Plan on the Effective Date;

(ix)  approved the Second Report of the Information Officer dated February 16, 2017 and activities of the Information Officer as described in the Second Report;  

(x)  approved the fees and disbursements of the Information Officer and its legal counsel, Torys LLP;

(xi) terminated, discharged and released the Administration Charge and the DIP Lender’s Charge, as each is defined in the Supplemental Order of Mr. Justice Newbould dated December 27, 2016, on the Effective Date;

(xii)  terminated the stay of proceedings and the Part IV CCAA proceedings on the Effective Date; and

(xiii)  discharged the Information Offer on the Effective Date.

January 25, 2017

On January 25, 2017, the Ontario Superior Court of Justice (Commercial List) granted an order that, among other things:
 

(i)   Recognized and gave full force and effect to the following orders made by the US Court in the Chapter 11 Proceedings:

1.     Final DIP Order;

2.     RSA Order;

3.     SPBA Order;

4.     Final Wages Order;

5.     Final Cash Management Order;

6.     Final Utilities Order;

7.     Final NOL Order;

8.     OCP Order; and

(ii)    Approved the Preliminary Report of Alvarez & Marsal Canada Inc. dated December 24, 2016 and the First Report of the Information Officer dated January 20, 2017.