On February 1, 2008, Backbay Retailing Corporation and Gray’s Apparel Company Ltd. (collectively, the “Petitioners”) filed a Petition in the Vancouver Registry of the Supreme Court of British Columbia (the “Court”), Action Number S080752 (the “CCAA Proceedings”) seeking protection from their creditors under the Companies’ Creditors Arrangement Act. Although not a petitioner, the order applies to Mariposa Stores Limited Partnership. The protection will allow the Petitioners to restructure their operations. An Initial Order was granted by the Court which prevents any creditor 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. 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.
The Initial Order also provides for the Petitioners, with the consent of the Monitor, to obtain and borrow under a credit facility (the”DIP Facility”) in order to finance the Petitioners’ and the Partnership’s working capital requirements.
February 29, 2008 - The Petition, which had been filed on February 1, 2008, was heard by the Court, and a further three month extension was granted to May 31, 2008. The Order details certain activities that the Petitioners are required to perform and which Deloitte & Touche Inc. will be monitoring.
Posted to this website are the following documents:
Affidavit #2 of John McNamara - February 27, 2008
Requisition order - February 27, 2008
Notice of motion - February 27, 2008
Notice of hearing - February 27, 2008
Monitor's first report - February 28, 2008
Extension order - February 29, 2008
Monitor's second report - March 7, 2008
May 13, 2008 – The Petitioners sought and obtained an order of the Court approving the retention of Maynards Industries Ltd. to liquidate the Petitioners’ excess inventory.
May 31, 2008 - On May 29, 2008, the Petitioners filed their Plan of Arrangement (“Plan”) with the Court. On May 31 2008, a Procedural 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 10:00 am PST on Friday July 25, 2008 at the offices of Borden Ladner Gervais, Suite 1200 – 200 Burrard Street, Vancouver, BC. The Claims Bar Date for submitting Proof of Claim forms is 5:00 pm PST on July 15, 2008 to the office of the Petitioners at the following address:
Mariposa Stores Limited Partnership
88 First Avenue West
Fax: (604) 873-4561
Attn. : Douglas R. Bowley
All documents related to this matter and the filing of claims are provided below:
Notice of Motion
Notice of Hearing
Affidavit #5 of John M. McNamara
Affidavit #6 of John M. McNamara
Affidavit of Scott Campbell
Fourth Report of the Monitor
Notice to Creditors Checklist
Plan as filed by the Petitioners
Monitor's Report on Plan
Notice to Creditors
Proof of Claim Form
Notice of Dispute
Notice of Disallowance
June 6, 2008 – On June 5, 2008, the Monitor filed its Fifth Monitor’s Report in the Supreme Court of British Columbia. A copy of the report is posted below.
Monitor’s Fifth Report
June 20, 2008 - A group of landlords sought leave to appeal the Procedural Order pronounced on May 31, 2008. The basis for the appeal was that the Procedural Order had authorized the assignment of certain leases without the consent of the respective landlords. The application was heard on July 10, 2008 and on July 11, 2008 the Court rendered its Reasons for Judgment and ordered that the application for leave to appeal be dismissed.
September 2, 2008 – The Monitor filed its Sixth Monitor’s Report in the Supreme Court of British Columbia. On August 25, 2008 at the reconvened meeting of the Petitioners’ creditors a vote did not occur on the Petitioners Plan as the Petitioners had notified their counsel and the Monitor that the Company would make an assignment into bankruptcy prior to the Stay of Proceedings expiring on August 31, 2008. On August 29, 2008 Mariposa Stores Limited Partnership made an assignment in Bankruptcy and MacKay & Company Ltd was appointed as Trustee in Bankruptcy.
A copy of the report is posted below:
Monitor’s Sixth Report
December 18, 2008 – The Monitor filed its Seventh Monitor’s Report in the Supreme Court of British Columbia, seeking the Court to approve its accounts and its legal counsel’s accounts. On December 19, 2008, the Court granted an Order approving the fees of the Monitor and its legal counsel.
For further information, please contact Kwame Moloko, Deloitte, at 604-640-4903.