On January 31, 2021, Knotel, Inc. (“Knotel Parent”) and certain of its subsidiaries commenced voluntary reorganization proceedings (the “Knotel Parent Chapter 11 Proceedings”) pursuant to Chapter 11 of the United States Bankruptcy Code (“Chapter 11”) and subsequently obtained orders from the United States Bankruptcy Court for the District of Delaware (the “US Court”). 

On March 8, 2021, Knotel Canada, Inc., a wholly owned subsidiary of Knotel Parent also commenced voluntary reorganization proceedings under Chapter 11 (the “Knotel Canada Chapter 11 Proceedings”). On March 11, 2021, the US Court granted a joint administration order for the Knotel Parent Chapter 11 Proceedings and the Knotel Canada Chapter 11 Proceedings (collectively the “Chapter 11 Proceedings”).

A complete list of the Chapter 11 Debtors may be obtained on the website of the Chapter 11 Debtors claims and noticing agent at https://www.omniagentsolutions.com/knotel.

On March 9, 2021, Knotel Canada, Inc. in its capacity as proposed foreign representative of itself and Knotel Parent (collectively the “Canadian Filing Entities”) obtained an order (the "Interim Order") of the Ontario Superior Court of Justice (Commercial List) (the "Canadian Court"), among other things, granting a stay of proceedings in respect of the Canadian Filing Entities and their property and business, and in respect of their directors and officers, pending hearing of the application under Part IV of the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36 (the "CCAA") by the Canadian Court to recognize the Chapter 11 Proceedings commenced by the Canadian Filing Entities in the US Court.

In connection with the Chapter 11 Proceedings, on March 11, 2021, the US Court appointed Knotel Canada, Inc. as the foreign representative of the estates of the Chapter 11 Debtors (the “Foreign Representative”).

On application made by the Foreign Representative, on March 12, 2021, the Canadian Court granted an order, among other things, recognizing the Chapter 11 Proceedings as a foreign main proceeding under Part IV of the CCAA, staying all proceedings against the Canadian Filing Entities, and appointing Alvarez & Marsal Canada Inc. as the Information Officer in the Canadian recognition proceeding under the CCAA.