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Creditors’ Meeting – June 1, 2010

Signature - Status Updates

 September 17, 2010 – CMonitor Issues Distribution
The distribution to Affected Creditors under the Signature Aluminum Canada Inc. Plan of Arrangement was issued on September 17, 2010 to the Affected Creditors that are not individuals.
Pursuant to government regulations, the Monitor has submitted to the government details of amounts to be paid to Affected Creditors that are individual natural persons. The distribution to such Affected Creditors will be issued once the Monitor has been notified of amounts that must be withheld from the distribution, if any, in respect of Employment Insurance claw back.
 July 12, 2010 – Claims Adjudication Process Ongoing
The Monitor continues to proceed through the Claims adjudication process and does not anticipate making distributions under the Plan for a number of weeks.
 Monitor’s Certificate Filed
On July 9, 2010 the Monitor filed its Certificate with the Court certifying that the conditions set out in Section 8.2 of the Plan have been satisfied or waived in accordance with the Plan and that the Plan is capable of being implemented forthwith.
 June 11, 2010 – Sanction Order Granted
The Honourable Justice Hoy issued an Order sanctioning the plan of compromise and arrangement dated June 7, 2010, as approved by the Applicant’s creditors on June 8, 2010 at a meeting of its creditors.
 Stay Period extended until July 12, 2010
In conjunction with the Sanction Order the Stay Period has been extended to July 12, 2010
 Plan of Arrangement Approved by Creditors
The Second Amended Plan of Compromise and Arrangement was approved by the requisite majorities of creditors at the Meeting of Creditors held June 8, 2010. The Applicant will be seeking Court sanction of the Plan at a hearing scheduled for June 11, 2010.
 Location of Creditors’ Meeting to be held on June 8th, 2010
Hilton Hotel – Osgoode Room (3rd Floor)
145 Richmond Street West
Toronto, Ontario
M5H 2L2
The meeting will commence at 10:00am Toronto time.
 Creditor’s Meeting Adjournment
NOTICE IS HEREBY GIVEN that, at the request of the Applicant, the Chair (as defined in the Creditors’ Meeting Order granted by Madame Justice Hoy of the Ontario Superior Court of Justice (Commercial List) on May 11, 2010) has agreed to adjourn the Creditors’ Meeting to the following date, time and location:
Date: Tuesday, June 8, 2010
Time: 10:00 a.m. (Toronto time)
Location: Location to be advised
 Meeting of Creditor’s set for June 1, 2010
Approval of Creditor’s Meeting Order, Stay Period extended until June 11, 2010 and granting of the Approval and Vesting Order in relation to the Purchase and Sale Agreement between the Applicant and Alcan Automotive LLC of certain assets
 Extension of Stay Period has been granted to May 14, 2010
 Approval of Claims Procedure
The Claims Procedure has been approved by the Court. All related documentation can be found under the “Claims Procedure” link to the left.
 January 29, 2010 – Initial Status Update
On January 29, 2010, Signature Aluminum Canada Inc. (“Signature” or the “Applicant”) sought and obtained an Initial Order (the “Initial Order”) under the Companies’ Creditors Arrangement Act (the “CCAA”). Pursuant to the Initial Order, FTI Consulting Canada Inc. (“FTI” or the “Monitor”) has been appointed Monitor. The Initial Order also provides for a stay of proceedings against the Applicant, which stay expires February 26, 2010 , unless otherwise ordered by the Court.

Contact FTI

FTI Consulting
TD Waterhouse Tower
79 Wellington Street West
Suite 2010, P.O. Box 104
Toronto, Ontario M5K 1G8

Useful Links

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