On December 2, 2019, the Commercial Division of the Quebec Superior Court of the District of Montreal (the "Court") has issued an order (the "Initial CCAA Order") pursuant the Companies' Creditors Arrangement Act ("CCAA"). This order provided a stay of proceedings against 3441890 Canada Inc., Motorcycle Tires & Accessories LLC ("MTA") and al. (the "CCAA Parties") until December 12, 2019. Pursuant to the Initial CCAA Order, KPMG was appointed Monitor of the CCAA Parties.
On December 12, 2019, the Court has issued an order amending and restating the Initial CCAA Order (the "CCAA Order") and extending the stay of proceedings against the CCAA Parties until January 31, 2020.
On December 20, 2019, the United States Bankruptcy Court for the district of Delaware (the "US Court") has issued orders pursuant the chapter 15 of the Bankruptcy Code (the "Chapter 15 Orders"). The Chapter 15 Orders grant, on an interim basis, relief enforcing the CCAA Order and staying any collection activity by creditors against the CCAA Parties' assets in the United States. Pursuant to the Chapter 15 Orders, KPMG Inc., in its capacity as the Monitor, is acting as foreign representative (the "Foreign Representative"). On January 22nd, 2020, the US Court has issued the order granting final relief in recognition of a foreign main proceeding pursuant to the chapter 15 of the Bankruptcy Code.
On December 20, 2019, the US Court has issued an interim order authorizing the CCAA Parties to assume an agency agreement for the sale of the assets of MTA. On January 22nd, 2020, the US Court has issued the final order authorizing the CCAA Parties to assume an agency agreement for the sale of the assets of MTA.
On January 31st, 2020, the Court has issued the order extending the stay of proceedings against the CCAA Parties until May 15, 2020.
On February 19, 2020, the Court has issued the Approval and Vesting Order for the sale of the assets of 3441890 Canada Inc. to a new group.
On March 31, 2020, the US Court has issued the order granting Foreign Representative's omnibus motion seeking entry of an order (I) authorizing (A) the rejection of certain unexpired leases and (B) abandonment of certain personal property, if any, each effective nunc pro tunc to the applicable surrender date and (II) granting the related relief.
On May 15, 2020, the Court has issued an order extending the stay of proceedings against the CCAA Parties until November 16, 2020, a distribution order for the distribution of the net proceeds of the sale of the assets of 3441890 Canada Inc. and has re-amended and restated the Initial CCAA Order.
On October 20, 2020, US Court has issued the order approving entry of final decree (the "Final Decree Order"). The Chapter 15 Cases are hereby closed.
On November 16, 2020, the Court has issued an order extending the stay of proceedings against the CCAA Parties until February 1st, 2021, a distribution order for the distribution of the net proceeds of the receipts of the customs duty refunds and has re-re-amended and restated the Initial CCAA Order (the "New Initial CCAA Order").
On January 29, 2021, the Court has issued an order extending the stay of proceedings against the CCAA Parties until June 1st, 2021.
On June 10, 2021, the Court has issued an order:
- Authorizing the Monitor to make a final distribution to the first rank secured creditor;
- Terminating the CCAA proceedings; and
- Authorizing the Monitor to file a bankruptcy for 3441890 Canada Inc.
The creditors' meeting in the bankruptcy of 3441890 Canada Inc. will be held on June 29, 2021, at 11:00 am by conference call at:
Phone Number
Canada - French : 1 (438) 817-2500
Canada – English : 1 (647) 794-1236
United States - English : 1 (323) 813-9622
Conference ID
238 271 50#
