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

• Originating Application re: CCAA Initial Order
• Affidavit of Tim A. Bowman – June 24, 2020
• Affidavit of Tim A. Bowman – June 29, 2020
• Application re: Amended & Restated Initial Order, Approval of Interim Financing
• Affidavit of Tim A. Bowman – July 3, 2020
• Application re: SISP and Retention of Sales Agent
• Affidavit of Tim A. Bowman – July 15, 2020
• Application re: Stay Extension, Vacation Pay Charge and Sealing Order
• Affidavit of Tim A. Bowman – September 14, 2020
• Application re: Stay Extension
• Affidavit of Tim A. Bowman – October 26, 2020
• Application re: Sale Approval Order, Stay Extension, Termination of Proceedings
• Affidavit of Tim A. Bowman – December 3, 2020

Court Orders

• CCAA Initial Order – June 30, 2020
• Amended and Restated CCAA Initial Order – July 9, 2020
• Order re: SISP, Sales Agent Retention, Sealing – July 21, 2020
• Second Amended and Restated CCAA Initial Order – July 21, 2020
• Order re: Stay Extension, Vacation Pay Charge, Sealing and Amendment to Initial Order – September 23, 2020
• Order re: Stay Extension – November 5, 2020
• Order re: Approval and Vesting – December 11, 2020
• Order re: Assignment of Assumed Contracts – December 11, 2020
• Order re: Distribution – December 11, 2020
• Order re: Sealing – December 11, 2020
• Order re: Stay Extension – December 11, 2020
• Order re: Discharge of Monitor and Termination of CCAA – December 11, 2020

Monitor's Reports and Correspondence

• Pre-filing Report of the Proposed Monitor – June 26, 2020
• Creditor list as at June 30, 2020
• Monitor's letter to creditors – July 7, 2020
• First Report of the Monitor – July 8, 2020
• Second Report of Monitor – July 17, 2020
• Third Report of the Monitor – September 15, 2020
• Fourth Report of the Monitor – October 28, 2020
• Fifth Report of the Monitor – December 4, 2020

Service List

• Service list as at July 2, 2020
• Service list as at July 17, 2020
• Service list as at December 3, 2020

Contact Us

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