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Shaw-Almex Industries Limited - Reports
The following reports have been filed in the proceedings:
Supplement to the Second Report of the Proposal Trustee and the Pre-Filing Report of the Proposed Monitor |
May 12, 2025 |
The purpose of the Supplemental Report is to supplement the Second Report and should be read in conjunction with the Second Report.
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Second Report of the Proposal Trustee and the Pre-Filing Report of the Proposed Monitor |
May 11, 2025 |
The purpose of this Second Report of the Proposal Trustee and Pre-Filing Report of the Proposed Monitor (the "Second Report") is to provide information to this Court with respect to Shaw-Almex Industries Ltd. ("SAIL") and Shaw Almex Fusion, LLC's ("Fusion", and together with SAIL, the "Applicants") application under the Companies' Creditors Arrangement Act, RSC 1985, c. C-36 (the "CCAA") returnable May 13, 2025, seeking:
(a) An Order (the "Initial Order"), inter alia:
i. Continuing the NOI proceeding under the purview of the CCAA;
ii. Declaring the Applicants are each a "debtor company" to which the CCAA applies;
iii. Appointing FTI as the Court-appointed monitor;
iv. Granting a stay of proceedings;
v. authorizing the Applicants to borrow up to a maximum principal amount of $1.836 million under the DIP Facility;
vi. Granting an Administration Charge in the amount of $350,000;
vii. Granting a DIP Lender's Charge in the maximum principal amount of $1.836 million plus fees and interest;
viii. Authorizing up to the maximum amount of $250,000 owing to critical suppliers prior to the Filing Date;
ix. Authorizing Fusion to act as the foreign representative of the Applicants in the United States Bankruptcy Court;
(b) an Order (the "SISP Order"), inter alia, approving a sale, refinancing and investment solicitation process (the "SISP"); and
(c) an Order (the "Discharge Order"), inter alia:
i. approving the activities and conduct of the Proposal Trustee;
ii. approving the fees and disbursements of the Proposal Trustee and its legal counsel;
iii. discharging FTI as Proposal Trustee in connection with the NOI proceeding; and
iv. releasing the Proposal Trustee, counsel to the Proposal Trustee and counsel to SAIL from all claims, liabilities and obligations with respect to their conduct in the NOI proceeding.
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First Report of the Proposal Trustee |
April 24, 2025 |
The purpose of this First Report is to provide information to the Court on the following:
(a) extending the time to file a proposal pursuant to s. 50.4(9) of the BIA for 11 days, from April 28, 2025, up to and including May 9, 2025 (the "Extended Stay Period");
(b) authorizing SAIL to borrow up to a maximum principal amount of $1 million under an initial debtor-in-possession credit facility (the "Initial DIP Facility");
(c) granting an "Administration Charge"; and
(d) granting a "DIP Lender's Charge."
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