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On March 3, 2008, Ascalade Communications Inc. and Ascalade Technologies Inc. (collectively, the “Petitioners”) filed a Petition in the Vancouver Registry of the Supreme Court of British Columbia (the “Court”), Action Number S081520 (the “CCAA Proceedings”) seeking protection from their creditors under the Companies’ Creditors Arrangement Act (CCAA) to enable the Petitioners to restructure their business and their indebtedness to creditors. An Initial Order was granted by the Court on the same day which prevents any creditor of the Petitioners from taking any proceedings against the Petitioners and permits the Petitioners to remain in control of their assets and to continue to carry on business during the restructuring period. At 9 a.m. on April 2, 2008, the Petition filed in the CCAA Proceeding will be heard in the Supreme Court of British Columbia at the Vancouver Courthouse at 800 Smithe Street, Vancouver, British Columbia at which time the Petitioners will seek a further order extending the stay of proceedings granted in the Initial Order and seeking other relief. As a term of the Initial Order, Deloitte & Touche Inc. was appointed Monitor in the CCAA Proceedings to oversee the operations of the Petitioners during the restructuring. Posted to this Web site are the following documents: Initial Order - March 3, 2008
Petition to the Court - March 3, 2008
Affidavit #1 of Greg Allen - March 3, 2008
Notice of Hearing of Petition - March 3, 2008
Requisition Order - March 3, 2008 March 17, 2008 - The Company has received an offer to purchase their Richmond property. A court hearing will occur on March 28, 2008 to obtain approval. Posted to this Web site are a copy of the following documents: Notice of Motion, Notice of Hearing, Outline and Affidavit #2 of Greg Allen, which were filed with the BC Supreme Court on March 17, 2008. March 28, 2008 - The Court approved the Company's sale of their Richmond property. Posted to this Web site is a copy of the following document: Order Approving Sale dated March 28, 2008. Notice of Motion - March 17, 2008
Notice of Hearing - March 17, 2008
Outline – March 17, 2008
Affidavit #2 of Greg Allen - March 17, 2008
Affidavit #1 of Jervis Rodrigues - March 18, 2008
First Report of Deloitte & Touche Inc., Monitor - March 25, 2008
Order Approving Sale - March 28, 2008 March 31, 2008 - Pursuant to the Initial Order, the Company's Petition will be heard on April 2, 2008. Posted to this Web site is a copy of the following document: Affidavit #3 of Greg Allen, which was filed with the BC Supreme Court on March 28, 2008. Affidavit #3 of Greg Allen - March 28, 2008
Second Report of Deloitte & Touche Inc., Monitor - March 31, 2008
Affidavit of May Chong - April 2, 2008 (Material Change Report) April 3, 2008 - The Company's Petition was heard on April 2, 2008 and the following Order was granted, which extended the Company's Stay of Proceeding to June 4, 2008: Order - April 2, 2008 April 29, 2008 - The Monitor of Ascalade Communications Inc. and Ascalade Technologies Inc. filed Chapter 15 petitions in the United States Bankruptcy Court for the Northern District of Illinois Eastern Division. The files were assigned case numbers: 08-10612 and 08-10616 respectively. Ascalade Communications Inc.- B1 Official Form 1
Ascalade Technologies Inc. - B1 Official Form 1
Exhibit A
Exhibit A-1
Exhibit A-2
Exhibit A-3
Draft Order May 20, 2008 - On May 14, 2008, the Petitioners filed their Plan of Arrangement or Compromise (“Plan”) with the Court. On May 20, 2008, an Administrative Order was granted by the Court which approved the submission of the Plan to the Petitioners' creditors. The Meeting of Creditors will take place at 3:00 pm PST on June 17, 2008 at the offices of Deloitte & Touche Inc., 2800-1055 Dunsmuir Street, Vancouver, BC. The Claims Bar Date for submitting Proof of Claim forms is 5:00 pm PST on June 16, 2008 to the office of the Monitor, Deloitte & Touche Inc. All documents related to this matter and the filing of claims are provided below: Notice of Motion
Notice of Hearing
Affidavit #5 of Greg Allen
Third Report of the Monitor
Administrative Order
Notice to Creditors Checklist
Ascalade Letter to Creditors
Monitor’s Report on the Plan
Plan as filed by the Petitioners
Notice to Creditors
Proof of Claim Form
Notice of Disallowance
Notice of Dispute
Voting Letter
General Proxy June 12, 2008 - U.S. Chapter 15 proceedings - In April 2008, the Monitor of Ascalade Communications Inc. and Ascalade Technologies Inc. filed Chapter 15 petitions in the United States Bankruptcy Court for the Northern District of Illinois Eastern Division ("U.S. Court"). On June 10, 2008, the US Court granted the attached Order of Recognition and Order for Joint Administration.
Order of Recognition
Order for Joint Administration June 17, 2008 - At the creditors meeting which was held on June 17, 2008, the creditors voted unanimously to accept the Plan of Arrangement which had been filed by Ascalade. A Court Hearing has been scheduled for June 24, 2008 to seek the Court's Sanctioning of the Plan and the following documents have been filed with respect to this hearing.
Notice of Motion
Notice of Hearing
Affidavit #6 of Greg Allen
Administrative Order
Affidavit #1 of Melinda McKie For further information, please contact Rob Abenante, Deloitte, at 604-640-3115.
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