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Country Fresh Takes Additional Steps to Reorganize in Advance of Proposed Sale
02/17/2021 | 06:38pm EDT
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Country Fresh” or the “
Company”) announced today that its Canadian subsidiaries, Sun Rich Fresh Foods Inc., Tiffany Gate Foods Inc. and TGF Acquisition Parent Ltd. have filed for protection under the
Companies’ Creditors Arrangement Act (Canada) (“
CCAA”) pursuant to an Order (the “
Initial Order”) of the Ontario Superior Court of Justice (Commercial List) (the “
Canadian Court”).
The CCAA filing follows an earlier filing by the Company’s U.S. affiliates under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. The U.S. and Canadian proceedings will operate as parallel main proceedings, with the common goal of facilitating a Court-supervised solicitation and sales process in respect of the assets of the Company (the “
Bellatrix Exploration Ltd. (Bellatrix) obtained protection under the
Companies’ Creditors Arrangement Act (Canada) (CCAA). At the time of the CCAA filing, Bellatrix was party to certain contracts with an energy producer (EP) for the purchase and sale of natural gas (Contract). Bellatrix sought to disclaim the Contract and cease delivery of natural gas to the EP.
The EP argued that the disclaimer notice provided by Bellatrix was invalid because the Contract constituted an eligible financial contract (EFC) for the purposes of the CCAA. Under section 32(9) of the CCAA, a debtor company is not permitted to disclaim contracts that are EFCs. Pursuant to the express terms of the Contract, the parties acknowledged that the Contract was an EFC.
It has been a few weeks of upheaval for Laurentian University. For Sudbury. For Northern Ontario.
We, Northern Ontario’s oldest university, are insolvent and the decision to commence proceedings under the Companies’ Creditors Arrangement Act (CCAA) was not one that was made easily or lightly. But it was necessary given Laurentian’s longstanding and increasing financial challenges.
While this extraordinary step has come as a shock to many, the immense strength, resilience, optimism and commitment to Laurentian has also shone through in the actions of our community.
Students come first at Laurentian, and everything that we – faculty, staff and administration – have done, are doing, and will do going forward as a community is aimed at providing the best possible experience and outcomes to our students.
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Open up the lengthy list of creditors Ernst & Young has posted connected to Laurentian University’s filing for creditor protection and you will find many interesting entries.
While a lot of the creditors listed have “TBD” (to be determined) for the amounts they are owed, the ones that do have numbers listed range from a few thousand to millions of dollars.
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The Globe and Mail newspaper, for example, has a TBD listed. Other creditors include the Government of Quebec ($1,201.59), Greater Sudbury Development Corporation ($52,099.14), and the Canadian Lung Association of Ottawa ($5,167.43).