NOTICE OF INTENTION TO MAKE A PROPOSAL PROCEEDINGS
On October 20, 2020, Newsco International Energy Services Inc. (the “Company”) filed a Notice of Intention to Make a Proposal (the “NOI”) pursuant to the Bankruptcy and Insolvency Act (the “BIA”). BDO Canada Limited has been appointed as the trustee (the “Proposal Trustee”) in respect of the restructuring proceedings (the “Proceedings”).
S. 69(1) of the BIA provides the Company certain relief including the imposition of an initial 30-day Stay of Proceedings (the “Stay”) against the Company and its assets. Claims against the Company for payment of goods and services supplied to the Company prior to October 20, 2020 are suspended and creditors are prohibited from continuing or commencing any actions or exercising any rights against the Company except with leave of the Court of Queen's Bench of Alberta (the “Court”).
On November 19, 2020, the Court extended the time in which the Company must file a proposal and the Stay through to December 23, 2020. On December 18, 2020, the Court further extended the deadline to February 1, 2021. On January 22, 2021, the Court further extended the deadline to March 8, 2021. On March 8, 2021, the Court extended the deadline to April 19, 2021.
The NOI and related documents can be found below in the Initial Notification to Creditors package.
Proposal, Meeting of Creditors and Claims Procedure
On April 19, 2021, the Court granted an Order (the “Claims Procedure Order”) directing the administration of a claims procedure.
On May 10, 2021, a meeting of creditors was held at which time the affected creditors voting on the proposal filed by Newsco on April 19, 2021 (the “Proposal”) overwhelmingly approved the Proposal. An application to the Court will be made on May 26, 2021 at 11:00 a.m. to seek the Court's approval of the Proposal.
The following documents related to the Proposal were issued to those creditors affected by the Proposal:
- Proposal
- Report of Proposal Trustee on Proposal
- Schedule of Creditors Affected by Proposal
- Notice of Dispute of Claimant
- Voting Letter
- Proxy
- Form 40.1 – Notice of Hearing of Application for Court Approval of Proposal
Court Filings
- Application re: Extension of Time, Authorization of Payments and Administration Charge
- Affidavit of William Melville – November 9, 2020
- Application re: Extension of Stay – December 18, 2020
- Affidavit of William Melville – December 7, 2020
- Application re: Extension of Stay – January 22, 2021
- Affidavit of William Melville – January 11, 2021
- Application re: Sale Approval and Vesting Order and Sealing Order
- Affidavit of William Melville – February 1, 2021
- Application re: Extension of Stay – March 8, 2021
- Affidavit of William Melville – March 1, 2021
- Application re: Claims Procedure Order
- Affidavit of William Melville – April 12, 2021
- Application re: Approval of Proposal
Court Orders
- Order re: Extension of Time, Authorization of Payments and Administration Charge – November 19, 2020
- Order re: Extension of Time – December 18, 2020
- Order re: Extension of Time – January 22, 2021
- Sale Approval and Vesting Order – February 10, 2021
- Sealing Order – February 10, 2021
- Order re: Extension of Time – March 8, 2021
Proposal Trustee's Reports
- First Report of Proposal Trustee – November 10, 2020
- Second Report of Proposal Trustee – December 8, 2020
- Third Report of Proposal Trustee – January 12, 2021
- Fourth Report of Proposal Trustee – February 2, 2021
- Fifth Report of Proposal Trustee – March 2, 2021
- Sixth Report of Proposal Trustee – April 13, 2021
- Proposal Trustee's Report on Proposal – May 11, 2021
- Form 40 – Report of Trustee on Proposal
Service Lists
- Service list as of November 12, 2020
- Service list as of December 15, 2020
- Service list as of February 23, 2021
Contact Us
#110, 5800 – 2nd Street SW
Calgary, Alberta T2H 0H2
Jerri Beauchamp – [email protected]
Phone: 1-825-509-0394