Newsletter Article
The CCAA Scene: Recent and Notable - September 2010
Published: 08/30/2010
By Alex Tarantino AbitibiBowater
As we previously reported, AbitibiBowater Inc., Bowater Inc. and certain of their US and Canadian subsidiaries successfully filed under Chapter 11 of the U.S. Bankruptcy Code in Delaware on April 16, 2009 and Abitibi-Consolidated Inc. and certain Abitibi and Bowater subsidiaries successfully filed under under the CCAA in Quebec on April 17, 2009. As reported by the Information Officer on August 19, 2010, certain significant filings are pending in the Chapter 11 proceedings:
- a motion by the US debtors seeking authorization to enter into certain agreements regarding anticipated exit financing;
- a motion by the US debtors seeking authorization to enter into an asset-based facility commitment letter;
- a motion by the US debtors seeking an order extending their exclusive periods to file the Chapter 11 Plan; and
- a revised draft of the Chapter 11 Plan, the Second Amended Chapter 11 Plan of Reorganization Under Chapter 11 of the Bankruptcy Code.
Allarco Entertainment
In our June 2009 e-communique we reported that Allarco Entertainment Inc. and Allarco Entertainment 2008 Inc. successfully filed under the CCAA in Alberta. On July 23, 2010, Allarco was authorized and directed by an Order of the Court to file a Consolidated Plan of Compromise or Arrangement and hold a Creditors Meeting on August 31, 2010. Also, by way of an Order dated June 11, 2010, the stay of proceedings was extended to September 30, 2010.
United Horsemen
On August 24, 2010, United Horsemen of Alberta, Inc. announced that it exited from under the CCAA in Alberta. On September 15, 2009, United Horsemen successfully filed under the CCAA in Alberta. It was reported that they entered the CCAA with approximately $95.5 million in debt and exited with approximately $32 million in debt and that they obtained new financing at 9.89% per annum for 2 years. United Horsemen seeks to own and operate a horse race track and racing entertainment centre in southern Alberta.
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