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.

Pursuant to the CCAA Initial Order and the ARIO, the Company is to continue to carry on operations in a manner consistent with the commercially reasonable preservation of its business while it considers and pursues restructuring alternatives.  

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. 

Sale and Investment Solicitation Process

On July 21, 2020, the Court approved a sale and investment solicitation process and the engagement of Assurgo Enterprises Inc. (“Assurgo”) as the Sales Agent.  The deadline for the submission of non-binding letters of intent is September 14, 2020.  Interested parties should contact Mr. Zsolt Chirvaiu, of Assurgo, at 587-390-7820 ext. 102 or at korite@assurgoenterprises.com.

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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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