KORITE INTERNATIONAL INC.

On June 30, 2020, an Order (the “CCAA Initial Order”) was granted by the Honourable Madam Justice K. M. Horner of the Court of Queen’s Bench of Alberta (the “Court”) pursuant to the Companies’ Creditors Arrangement Act (the “CCAA”) granting Korite International Inc. (“Korite” or the “Company”) various relief including, but not limited to, the imposition of an initial Stay of Proceedings against the Company and its assets through to July 10, 2020.  The Court appointed BDO Canada Limited as the monitor of the Company (the “Monitor”).

On July 9, 2020, the Court granted an Amended and Restated CCAA Initial Order (the “ARIO”) further extending the Stay to September 23, 2020. On September 23, 2020, the Court further extended the stay to November 6, 2020. On November 5, 2020, the Court extended the Stay through to December 11, 2020. On December 11, 2020, the Court extended the Stay through to January 22, 2021.   

The CCAA Initial Order and the ARIO provide that claims against Korite in relation to obligations arising prior to June 30, 2020, including for goods and services supplied to the Company prior to that date, are suspended, and creditors are prohibited from continuing or taking any actions or exercising any rights against Korite except with leave of the Court. 

On December 11, 2020, the Court approved the sale of substantially all of Korite’s assets. Upon the filing of the Monitor’s Termination Certificate, the CCAA proceedings will be terminated and the Monitor discharged.  There are no funds available for distribution to unsecured creditors.

Court Filings

Court Orders

Monitor's Reports and Correspondence

Service List

Contact Us

#110, 5800 – 2nd Street SW
Calgary, Alberta T2H 0H2
Marc Kelly – makelly@bdo.ca
Phone: 403.536.8510
Fax: 403.640.0591
 
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