Colossus Minerals Inc.
Follow- Proceeding
- NOIBankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended
- File
- CV14-10401-00CL
Colossus Minerals Inc. is proceeding under a notice of intention filed pursuant to s. 50.4 of the BIA, before the Ontario Superior Court of Justice under court file CV-14-10401-00CL. A Statement of Affairs sworn February 6, 2014 and stated as of the January 13, 2014 filing date puts total assets at $500,004.00 against total liabilities of $160,501,906.10, a reported deficiency of $160,001,902.10, with unsecured claims aggregating $160,501,905.10 and secured claims on list B carried at a nominal $1.00 for Dell Financial Services Canada Limited equipment financing. The company also guaranteed obligations of Colossus Mineracao Ltda. to Sandstorm Gold Ltd. under a September 18, 2012 purchase agreement, capped at up to $10 million and secured by a charge over its 99.9% interest in the Brazilian subsidiary. Other property is carried as unknown, its value dependent on the results of a sale process. The matter remains active.
A claims procedure has been established — see the order for deadlines.
Factum re Motion for Approval of Proposal returnable March 13, 2014 — Application / notice of application
Supplement to the Proposal Trustee's Report to Court dated March 13, 2014 — Court officer report
Second Supplement to the Trustee's Report to Creditors on Proposal dated February 21, 2014 — Court officer report
Supplement to the Trustee's Report to Creditors on Proposal dated February 20, 2014 — Court officer report
Book of Authorities of the Applicant dated January 15, 2014 was filed. Court file CV14-10401-00CL.
Source: Book of Authorities of the Applicant dated January 15, 2014
Certificate for the Notice of Intention to Make a Proposal dated January 13, 2014 — NOI certificate of filing
Undated filings3 — no date appears on the document · show
Debtor
Colossus Minerals Inc.
Proposal trustee
AlixPartners
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Wilton-Siegel | Ontario Superior Court of Justice | 4 orders, Jan 2014 – Mar 2014 | 104 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ApplicantColossus Minerals Inc | Fasken Martineau DuMoulin LLP | 16 Jan 2014 | Order · 16 Jan 2014 |
| DebtorColossus Minerals Inc. | Fasken Martineau DuMoulin LLP | 25 Feb 2014 | Order · 25 Feb 2014 |
| CreditorDuff & Phelps Canada Restructuring Inc | Chaitons LLP | 13 Mar 2014 | Application · 13 Mar 2014 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Sandstorm Gold Ltd.Charge over Company's 99.9% ownership interest in Colossus Brazil; guarantee capped at up to $10 million — Related-party/guarantee structure: Company guaranteed obligations of Colossus Mineracao Ltda. ("Colossus Brazil") to Sandstorm under a Purchase Agreement dated 2012-09-18; security is a charge granted 'up to $10 million' (ceiling, not a stated balance); not included in list 'B' secured total of $1.00 above. — debtor: Colossus Minerals Inc. (guarantor of Colossus Mineracao Ltda. obligations) · as of 18 Sep 2012 | — | Statement of Affairs |
| 5 | PMSI / lessors | Dell Financial Services Canada Limited · in 13 casesEquipment financing (PMSI); security for an unknown amount, per list "B" — Stated total secured claims per list 'B' is $1.00 (nominal/placeholder); underlying equipment financing amount is unknown per officer's note ***. — debtor: Colossus Minerals Inc. · as of 13 Jan 2014 | $1 | Statement of Affairs |
| 8 | Unsecured | Unsecured creditors (aggregate as reported, list "A") · in 532 casesDocument names no individual unsecured creditors on this page (list 'A' not included). — debtor: Colossus Minerals Inc. · as of 13 Jan 2014 | $161M | Statement of Affairs |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
No acceptable bid — As described in the Supplemental Reports, no offers were received under the SISPProposal Trustee's Report to Court dated March 11, 2014 · 11 Mar 2014
Unsecured creditors: 30 %.Under the plan · sanctionedFactum re Motion for Approval of Proposal · 13 Mar 2014
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Deemed trust | — | — | paid in full | Under the plansanctionedper the proposal trustee | Court Order · 13 Mar 2014 |
| Preferred | — | — | 100 % | Under the plansanctionedper the proposal trustee | Factum re Motion for Approval of Proposal · 13 Mar 2014 |
| Unsecured | Affected Creditors | — | 30 % | Under the plansanctionedper the proposal trustee | Factum re Motion for Approval of Proposal · 13 Mar 2014 |
| Equity | Existing Shareholders | — | no distribution | Under the plansanctionedper the proposal trustee | Court Order · 13 Mar 2014 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
As at 13 Jan 2014 · per as stated and estimated by the officer, Statement of Affairs (Form 78) · entity - Colossus Minerals Inc. — Deficiency of $160,001,902.10 reported. 'Other property' listed as Unknown (value dependent on results of sale process, per officer note *). Statement sworn February 6, 2014 as of filing date January 13, 2014.
| Date | Document | File |
|---|---|---|
| Letter to Creditors dated June 1, 2015 | ||
Court Order dated March 13, 2014
| ||
| Endorsement dated March 13, 2014 | ||
Factum re Motion for Approval of Proposal returnable March 13, 2014
| ||
Motion Record returnable March 13, 2014
| ||
| Supplement to the Proposal Trustee's Report to Court dated March 13, 2014 | ||
Proposal Trustee's Report to Court dated March 11, 2014
| ||
| Instructions to Participant Holders dated February 26, 2014 | ||
| Notice of Hearing for Approval of Proposal dated February 26, 2014 | ||
Court Order dated February 25, 2014
| ||
Second Supplement to the Trustee's Report to Creditors on Proposal dated February 21, 2014
| ||
| Supplement to the Trustee's Report to Creditors on Proposal dated February 20, 2014 | ||
Amended Proposal
| ||
| Certificate of Filing of Proposal dated February 7, 2014 | ||
Endorsement dated February 7, 2014
| ||
| Instructions to Participant Holders dated February 7, 2014 | ||
| Notice of Proposal to Creditors | ||
Trustee's Report to Creditors on Proposal dated February 7, 2014
| ||
Statement of Affairs
| ||
| Notice to Creditors dated January 20, 2014 | ||
Court Order dated January 16, 2014
| ||
| Endorsement dated January 16, 2014 | ||
Notice of Application returnable January 16, 2014
| ||
Application Record returnable January 15, 2014
| ||
Book of Authorities of the Applicant dated January 15, 2014
| ||
| Factum of the Applicant dated January 15, 2014 | ||
| First Report of the Proposal Trustee dated January 14, 2014 | ||
| Certificate for the Notice of Intention to Make a Proposal dated January 13, 2014 | ||
Proposal
| ||
| List of Creditors affected by the Proposal as at January 10, 2014 | ||
| Instructions, Proxy and Voting Letter for the Beneficial Holders | ||
| Insturctions to Participant Holders | ||
| Proof of Claim and Voting Letter for Ordinary Creditors | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Colossus Minerals Inc.” (NOI), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/colossus-minerals-inc