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GolfTown - Status Updates

July 21, 2017

The Golf Town Entities will make a motion before a Judge of the Ontario Superior Court of Justice on July 28, 2017 at 9:30 a.m., or as soon after that time as the motion can be heard, at 330 University Avenue, Toronto Ontario.

The motion is for:

1. An Order extending the Stay Period (as defined in the Initial Order) to and including December 15, 2017 (the "July Stay Extension Order"); and
2. Such further and other relief as this Court deems just.


January 25, 2017

On January 25, 2017, the Court granted the Stay Extension Order.


January 18, 2017

The Golf Town Entities will make a motion before a Judge of the Ontario Superior Court of Justice on January 25, 2017 at 10:00 a.m., or as soon after that time as the motion can be heard, at 330 University Avenue, Toronto Ontario.

The motion is for:

1. An Order extending the Stay Period (as defined in the Initial Order) to and including July 31, 2017 (the "Stay Extension Order"); and
2. Such further and other relief as this Court deems just.


January 18, 2017

The Golf Town Entities will make a motion before the Court on January 25, 2017 at 10 A.M., or as soon after that time as the motion can be heard, at 330 University Ave, Toronto, Ontario.

The motion is for:

1. An Order extending the Stay Period (as defined in the Initial Order) to and including July 31, 2017; and,
2. Such further and other relief as the Court deems just.


September 14, 2016

On September 14, 2016, Golf Town Canada Inc., Golf Town Canada Holdings Inc., and Golf Town GP II Inc. (collectively, the "Applicants") sought and obtained an initial order (as amended from time to time, the "Initial Order") from the Ontario Superior Court of Justice, Commerical List (the "Court") under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the "CCAA"). The Initial Order provides, among other things, a stay of proceedings which may be extended by the Court from time to time. The protections and authorizations provided by the Initial Order were also extended to Golfsmith International Holdings LP and Golf Town Operating Limited Partnership (together with the Applicants, "Golf Town"). Pursuant to the Initial Order, FTI Consulting Canada Inc. was appointed monitor (the "Monitor") of Golf Town.


September 14, 2016

A hearing for a comeback motion (the "Comeback Hearing") in respect of the Initial Order has been scheduled for September 30, 2016. At the Comeback Hearing, any interested party who wishes to amend or vary the Initial Order will be entitled to appear or bring a motion before the Court on notice to affected parties as set out in the Initial Order. Related Court materials and updates as to the date and time of the Comeback Hearing, if any, will be made available on the Monitor's website.


September 26, 2016

The Golf Town Entities will make a motion before a Judge of the Ontario Superior Court of Justice (Commercial List) (the "Court") on September 30, 2016 at 10 A.M., or as soon after that time as the motion can be heard, at 330 University Ave, Toronto, Ontario.

The motion is for:

1. An Order (the "Approval and Vesting Order"), inter alia:
a. Approving the proposed Golf Town Transaction to 9918167 Canada Inc. (the "Purchaser"), an entity owned by Fairfax Financial Holdings Limited ("Fairfax")and certain investment funds managed by CI Investments Inc. ("CI") pursuant to a Purchase Agreement dated September 14, 2016 (the "Purchase Agreement");
b. Upon completion of the Golf Town Transaction, vesting the right, title, and interest in and to the purchased assets to the Purchaser, free and clear of all interest,liens, charges and encumbrances, other than permitted encumbrances;
c. Providing certain protections regarding obligations with respect to any working capital purchase price adjustment that may arise pursuant to the Purchase Agreement;
d. Authorizing and directing the Monitor, on behalf of the Golf Town Entities, to make certain distributions to the DIP Agent and First Lien Agent from the net proceeds of the Golf Town Transaction; and,
e. Ordering the sealing of certain confidential information with respect to the Golf Town Transaction.
2. An Order (the "Stay Extension and Priority Order"), inter alia:
a. Extending the Stay Period to January 31, 2017; and,
b. Ordering that certain Court-ordered Charges rank in priority to certain existing encumbrances over the assets, property and undertaking of the Golf Town Entities on the terms set forth in the Stay Extension and Priority Order;
3. Such further and other relief as the Court deems just.


September 30, 2016

On September 30, 2016, the Court granted the Approval and Vesting Order, and the Stay Extension and Priority Order


October 20, 2016

The Golf Town Entities will make a motion before the Court on October 24, 2016 at 10 A.M., or as soon after that time as the motion can be heard, at 330 University Ave, Toronto, Ontario.

The motion is for:

1. An Order (the "DIP Amendment Order"), inter alia:
a. Approving and ratifying the execution by certain Golf Town Entities of a Consent, Conditional Waiver and First Amendment to the DIP Agreement (the "First Amendment") and authorizing and directing the applicable Golf Town Entities to perform their obligations pursuant to the First Amendment; and,
b. Making certain amendments to the Approval and Vesting Order granted September 30, 2016 to address the distribution of net proceeds from the Golf Town Transaction in the event that the obligations under the existing DIP Facility and Credit Facility are repaid by a replacement interim financing facility that has been approved by the Bankruptcy Court in the Chapter 11 proceedings (a "Replacement DIP Facility").
2. Such further and other relief as the Court deems just.


October 21, 2016

The Golf Town Entities will make a motion before the Court on October 27, 2016 at 10 A.M., or as soon after that time as the motion can be heard, at 330 University Ave, Toronto, Ontario.

The motion is for:

1. An Order (the "Assignment Order"), inter alia, assigning 13 real property leases listed on Schedule "A" to the Assignment Order (the "Assigned Leases") to the Purchaser in connection with the completion of the Golf Town Transaction; and,
2. Such further and other relief as the Court deems just.


October 24, 2016

On October 24, 2016, the Court granted the DIP Amendment Order.


October 27, 2016

On October 27, 2016, the Court granted the Assignment Order.


October 31, 2016

On October 31, 2016, the Golf Town Transaction was completed and the Monitor filed the Monitor's Certificate certifying the following:

1. The Purchaser has satisfied the Purchase Price for the Purchased Assets in accordance with the Purchase Agreement;
2. The conditions to closing as set out in the Purchase Agreement have been satisfied or waived by the Vendors and the Purchaser;
3. The Golf Town Transaction has been completed to the satisfaction of the Monitor; and,
4. The Monitor's Certificate was delivered by the Monitor on October 31, 2016 and is effective as of 11:59 P.M. on the same day.
A copy of the Monitor;s Certificate can be found under the Court Orders section.


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