On December 8, 2016 an Order was granted approving the sale of all of Lightstream's assets to Ridgeback Resources Inc. the sale closed on December 29, 2016. The proceeds from the sale were not sufficient to provide any return to unsecured noteholders. Further details with respect to the sale can be found in the Monitor's Third Report dated November 30, 2016, or the Sale Approval and Vesting Application materials posted on November 29, 2016 in the Motion Materials section of this website. Also on December 8, 2016 the Court granted a transition Order which increased the powers of the Monitor to manage Lightstream's post-closing matters. The transition Order was granted in light of the fact that upon closing the sale Lightstream would no longer have any employees, officers or directors.

On November 7, 2016 the Applicants sought and were granted a claims process Order to put in place procedures to solicit and, if possible, determine and resolve any claims against the Applicants and/or their directors and offices. Please review the Claims Process section in the menu to the left for timelines and procedures required to file a claim.

On November 7, 2016 the Applicants sought and were granted an order approving a claims process to facilitate a process to allow the Lightstream Group's creditors to submit claims against the Lightstream Group and/or its officers and directors and for the nature, quantum, validity and enforceability of such claims to be reviewed. Instructions for creditors with respect to the Claims Process, including a proof of claim form can be found in the "Claims Process" section on the menu to the left.

On September 26, 2016, Lightstream Resources Ltd. ("Lightstream" or the “Applicant”), obtained an Initial Order (the "Initial Order") under the Companies' Creditors Arrangement Act (the "CCAA"). Pursuant to the Initial Order, FTI Consulting ("FTI" or the "Monitor") was appointed as the Monitor. The Applicants sought and were granted the stay of proceedings and other relief provided under the CCAA. Additionally, the Initial Order granted the Applicant approval to commence as sales process (“Sales Process”). The detailed sales procedures were attached as appendix A. At the September 26, 2016 application (“Initial Application”) counsel for a group of unsecured noteholders objected to various aspects of the relief sought in the Initial Order including the Sales Process. Accordingly the Court scheduled a comeback hearing (“Comeback Hearing”) for October 11, 2016 where it would hear arguments with respect to the relief granted in the Initial Order.

On October 11, 2016, the Comeback Hearing was held where arguments for and against the relief granted in the Initial Order were heard. After hearing the arguments the Court re-affirmed the relief previously granted and no amendments were made to the Initial Order. Also at the October 11, 2016 application the Applicants sought and were granted an extension to the stay of proceedings which was extended up to and including December 16, 2016

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