North American Tungsten Corporation Ltd.
North American Tungsten Corporation Ltd. (the “Petitioner” or the “Company”) 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 9, 2015, granting the Petitioner the protections afforded by a stay of proceedings until July 9, 2015 while the Company pursues restructuring initiatives under the CCAA. The initial stay of proceedings has been extended until October 27, 2017.
The Initial Order appointed Alvarez & Marsal Canada Inc. as Monitor of the business and financial affairs of the Petitioner in the CCAA proceedings. On November 16, 2015, the British Columbia Court granted an order enhancing the powers of the Monitor to provide for enhanced supervision and oversight to the Company’s care and maintenance operations.