Proceedings.

Labrador Iron Mines Holdings Limited

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Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
Court
Ontario Superior Court of Justice
File
CV-15-10926-00CL
Industry
Mining · Iron ore & coal
Filings held67
Last activity21 Dec 2016
On the record4,235 days
OverviewSummary updated

Labrador Iron Mines Holdings Limited, together with Labrador Iron Mines Limited and Schefferville Mines Inc., obtained protection under the Companies' Creditors Arrangement Act on April 2, 2015 in the Ontario Superior Court of Justice, court file CV-15-10926-00CL, with Duff & Phelps Canada Restructuring Inc. appointed Monitor. The proceedings remain active. An unaudited schedule of known creditors owed more than $1,000, prepared as at April 1, 2015, lists RBRG Trading (UK) Limited at $22,284,620.61 and Grey Rock Services Inc. at $14,949,080.46 as the largest unsecured claims, followed by Major Drilling Group Int'l Inc. at $2,468,134.07, Western Labrador Rail Services at $1,761,824.50 and Nation Innu Matimekush-Lac John at $1,500,000. Aboriginal community councils, rail and camp service providers and equipment suppliers across Quebec and Labrador make up much of the balance of the schedule.

Claims processIf you are owed money

A claims procedure has been established — see the order for deadlines.

Per the Claims Procedure Order dated April 18, 2016 dated 18 April 2016.

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Case updates66 dated entries · 1 undated
#Report

The officer filed report no. Ninth Report. The Company remains under CCAA protection with mining activities suspended amid a prolonged low iron ore price environment, and is focused on completing its Plan of Compromise and Arrangement to restructure its balance sheet rather than resuming operations.

Source: Ninth Report of the Monitor dated December 9, 2016

#Report

The officer filed report no. Eighth Report. The debtors have not mined since 2013 and hold their mineral properties on a standby/care-and-maintenance basis. Iron ore prices remain at historic lows, and the Company is seeking creditor approval of a plan converting debt to equity so it can resume mining when prices recover.

Source: Eighth Report of the Monitor dated November 4, 2016

#Report

The officer filed report no. Seventh Report. The Company has been on standby since the end of 2013 and has not resumed mining because iron ore prices remain at historic lows. It is maintaining its assets on a care and maintenance basis while selling surplus assets (including 99 railcars for scrap) and finalizing a Plan that would convert debt to equity.

Source: Seventh Report of the Monitor dated September 26, 2016

#Report

The officer filed report no. Sixth Report. The Company's mining operations have been on care-and-maintenance standby since the end of 2013, with operations suspended effective June 1, 2016 until iron ore prices recover; it is progressing a claims process and developing a CCAA plan to convert debt into equity.

Source: Sixth Report of the Monitor dated June 23, 2016

#Report

The officer filed report no. Fifth Report. The Company's mining operations have been suspended and maintained on a care-and-maintenance standby basis since the end of 2013. No production is expected in 2016, and the Company is considering sales of surplus assets and refining a five-year business plan.

Source: Fifth Report of the Monitor dated April 12, 2016

#Report

The officer filed report no. Fourth Report. Mining operations have been suspended and maintained on a care-and-maintenance standby basis since the end of 2013 owing to low iron ore prices; the Company generates no operating revenue, is selling surplus assets (the Equipment), closing down the mine camp, and preparing a five-year Preliminary Plan, with the stay extension sought to June 30, 2016.

Source: Fourth Report of the Monitor dated December 11, 2015

#Sale

The court granted an approval and vesting order for the sale to Tormont CAT, a division of Tormont Industries Ltd. Closing terms, as extracted: vesting effective upon delivery of the Monitor's Certificate confirming payment of the Purchase Price and satisfaction/waiver of closing conditions. Sealed: summary of the unsuccessful offer and the Appraisal, attached as Confidential Appendices to the Monitor's Third Report.

Source: Approval and Vesting Order dated September 1, 2015

#Report

The officer filed report no. Third Report. The Company's mining operations have been suspended and on standby since the end of 2013 due to low iron ore prices; it is seeking to restructure key contracts and refinance so it can resume mining when prices recover, and is selling surplus generators to raise liquidity.

Source: Third Report of the Monitor dated August 26, 2015

#Report

The officer filed report no. Second Report. The Company's business has been largely inactive since the end of 2013 and no production was started in 2014 or 2015. It is maintaining the mine sites, moving to a lower-cost head office, marketing surplus diesel generators and considering a strategic transaction, while seeking a stay extension to December 18, 2015.

Source: Second Report of the Monitor dated July 21, 2015

#Report

The officer filed report no. First Report. The Company's business has largely been inactive since the end of 2013 and no revenue from operations is projected; it is in care and maintenance mode while it restructures key contracts and seeks refinancing, hoping to resume mining when iron ore prices recover. It has disclaimed office and equipment leases and relocated its Toronto head office to a lower-cost location.

Source: First Report of the Monitor dated April 24, 2015

Undated filings1 — no date appears on the document · show
Parties

Debtor

Labrador Iron Mines Holdings Limited

Trustee in bankruptcy

Duff & Phelps

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice WiltonOntario Superior Court of Justice1 order, Dec 201616 cases on record

Counsel of record

PartyCounselFirst seenSource
Trustee in bankruptcyDuff & PhelpsGoodmans LLP7 Sep 2016Service list · 7 Sep 2016
ApplicantLabrador Iron Mines Holdings LimitedPaliare Roland Rosenberg Rothstein LLP30 Jun 2016Service list · 7 Sep 2016
CreditorFonteneau Resources LtdMcMillan LLP7 Sep 2016Service list · 7 Sep 2016
CreditorNaskapi Nation of KawawachikamachCain Lamarre Casgrain Wells7 Sep 2016Service list · 7 Sep 2016
CreditorPort Authorities of Sept- Îles (Administration Portuaire de Sept- Îles)Fasken Martineau DuMoulin LLP7 Sep 2016Service list · 7 Sep 2016
CreditorPort Authorities of Sept- lies (Administration Portuaire de Sept- Iles)Fasken Martineau DuMoulin LLP30 Apr 2015Factum · 28 Apr 2015
CreditorQuebec North Shore and Labrador Railway Company IncLanglois Avocats7 Sep 2016Service list · 7 Sep 2016
CreditorRBRG Trading (UK) Limited (formerly RB Metalloyd Ltd.)Dentons Canada LLP7 Sep 2016Service list · 7 Sep 2016
CreditorTransport Ferroviare Tshiuetin IncMcMillan LLP7 Sep 2016Service list · 7 Sep 2016
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
Priority classCreditorAmountSource
UnsecuredRBRG Trading (UK) LimitedAmount reflected in US dollars per document note — debtor: Labrador Iron Mines Holdings Limited, Labrador Iron Mines Limited and Schefferville Mines Inc. · as of 1 Apr 2015$22.3MList of Creditors
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured

57 more claims in 1 class The stack holds Unsecured claims.

Every creditor and every amount, drawn to scale.

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Sale processAs stated in the filings

4 transactions · 2 approved · 1 closed · 1 proposed — Transaction approved and vesting order grantedStay Extension and Approval and Vesting Order dated September 30, 2016 · 30 Sep 2016

Parties solicited

2

Seventh Report of the Monitor dated September 26, 2016

Bids received

2

Seventh Report of the Monitor dated September 26, 2016

PurchaserPriceStatusSource
Tormont CAT, a division of Tormont Industries Ltd.the Applicant's right, title and interest in and to the assets described in the Offer (the "Purchased Assets") · asset sale · agreement 20 Aug 2015not statedApproved1 Sep 2015Approval and Vesting Order dated September 1,…
Toromont CAT, a division of Toromont Industries Ltd.surplus equipment (three generators) owned by the Company · asset saleSubscribersClosed10 Sep 2015Monitor's Certificate dated September 11, 2015
unnamed scrap metal dealer purchaser of the Railcars, referred to as 'the Purchaser'the Railcars · asset saleSubscribersProposedSeventh Report of the Monitor dated September…
SLM Recyclingthe Applicants' right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · agreement 24 Aug 2016not statedApproved30 Sep 2016Stay Extension and Approval and Vesting Order…
AdvisorsHilco Asset Sales Canada (sale agent); unnamed machinery and equipment sales broker (listing broker)Seventh Report of the Monitor dated September 26, 2016
Closing termsVesting effective upon delivery of Monitor's Certificate confirming payment of Purchase Price and satisfaction of closing conditionsStay Extension and Approval and Vesting Order dated September 30, 2016
Sealed materialssummary of the unsuccessful offer and the Appraisal, attached as Confidential Appendices to the Monitor's Third Report; unredacted Pinkerton AffidavitApproval and Vesting Order dated September 1, 2015
RecoveriesAs stated in the filings

Unsecured creditors: a distribution. Roseway paid in full · Secured Lenders a distribution · Senior Secured Noteholders a distribution.Under the plan · implementedPlan Sanction Order December 14, 2016 · 14 Dec 2016

ClassCreditorClaimsRecoveryBasisSource
Securedsecured creditors (Royal Bank of Canada and CCFL)—short by EstimatedBook of Authorities of the Applicants · 26 Aug 2015
SecuredRoseway—paid in fullEstimatedper the monitorBook of Authorities of the Applicants · 29 Sep 2016
SecuredSecured LendersestimatedEstimatedper the monitorBook of Authorities of the Applicants · 9 Nov 2016
SecuredSenior Secured NoteholdersUnder the planimplementedper the debtorBook of Authorities of the Applicants · 9 Nov 2016
LandlordLandlord Guarantee Creditors—paid in fullUnder the planimplementedper the debtorBook of Authorities of the Applicants · 9 Nov 2016
UnsecuredAffected Unsecured Creditors of LIM and SMI—Under the planimplementedper the courtPlan Sanction Order December 14, 2016 · 14 Dec 2016
UnsecuredLIMHrelated party—Under the planimplementedper the courtPlan Sanction Order December 14, 2016 · 14 Dec 2016
UnsecuredNoteholdersestimatedconditionalEstimatedper the monitorBook of Authorities of the Applicants · 9 Nov 2016
UnsecuredUnsecured Noteholders——Book of Authorities of the Applicants · 9 Nov 2016

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.

10 blurred figures above

The claims and what each class or creditor recovers — each as the filing states it, with its source.

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Estate financialsReported figures — never derived

Cumulative receipts

$582K

As at 23 Jun 2016Sixth Report of the Monitor dated June 23, 2016

Cumulative disbursements

As at

Cash on hand

As at

Professional fees

As at

3 more reported figures

Each one as the filing states it, with its source.

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Documents
67 filings
DateDocumentFile
Monitor’s Plan Implementation Date Certificate dated December 21, 2016PDF · Subscribers
Endorsement of Justice Wilton Siegel dated December 14, 2016
  • Presiding officer Justice Wilton
PDF · Subscribers
Plan Sanction Order December 14, 2016
  • Recovery outcome Entries: per plan; per plan; per unstated; per plan · Table missing:
PDF · Subscribers
Book of Authorities of the Applicants dated December 13, 2016PDF · Subscribers
Factum of the Applicants dated December 13, 2016PDF · Subscribers
Motion Record of the Applicants returnable December 14, 2016PDF · Subscribers
Notice of Motion and Draft Sanction Order dated December 11, 2016PDF · Subscribers
Ninth Report of the Monitor dated December 9, 2016
  • Operational summary The Company remains under CCAA protection with mining activities suspended amid a prolonged low iron ore price environment, and is focused on completing its Plan of Compromise and Arrangement to restructure its balance sheet rather than resuming operations.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 6 more extracted facts
PDF · Subscribers
Letter to Creditors dated November 14, 2016PDF · Subscribers
Notice of the Meetings and Sanction HearingPDF · Subscribers
Convenience Claim Election FormPDF · Subscribers
Meeting Order dated November 10, 2016PDF · Subscribers
Book of Authorities of the Applicants returnable November 10, 2016
  • Recovery outcome Entries: per unstated; per plan; per plan; per estimated; per estimated; per estimated; per estimated; per estimated; per estimated; per estimated; per estimated; per plan; per unstated · Table missing:
PDF · Subscribers
Factum of the Applicants returnable November 10, 2016PDF · Subscribers
Eighth Report of the Monitor dated November 4, 2016
  • Operational summary The debtors have not mined since 2013 and hold their mineral properties on a standby/care-and-maintenance basis. Iron ore prices remain at historic lows, and the Company is seeking creditor approval of a plan converting debt to equity so it can resume mining when prices recover.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 6 more extracted facts
PDF · Subscribers
Plan Report, including the Meeting OrderPDF · Subscribers
Motion Record returnable November 10, 2016PDF · Subscribers
Plan Affidavit, including the PlanPDF · Subscribers
Resolution to Approve the PlanPDF · Subscribers
Endorsement dated September 30, 2016
  • Counsel Paliare Roland Rosenberg Rothstein LLP
PDF · Subscribers
Stay Extension and Approval and Vesting Order dated September 30, 2016
  • Closing terms Vesting effective upon delivery of Monitor's Certificate confirming payment of Purchase Price and satisfaction of closing conditions
  • Presiding officer Justice Newbould
  • Purchaser SLM Recycling · the Applicants' right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · approved
  • Sale outcome Sale approved — Transaction approved and vesting order granted
  • + 2 more extracted facts
PDF · Subscribers
Book of Authorities of the Applicants dated September 29, 2016
  • Recovery outcome Entries: per unstated; per plan · Table missing:
PDF · Subscribers
Factum of the Applicants dated September 29, 2016PDF · Subscribers
Supplementary Affidavit of Richard Pinkerton sworn September 28, 2016PDF · Subscribers
Seventh Report of the Monitor dated September 26, 2016
  • Operational summary The Company has been on standby since the end of 2013 and has not resumed mining because iron ore prices remain at historic lows. It is maintaining its assets on a care and maintenance basis while selling surplus assets (including 99 railcars for scrap) and finalizing a Plan that would convert debt to equity.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 9 more extracted facts
PDF · Subscribers
Motion Record returnable September 30, 2016PDF · Subscribers
Service List as at September 7, 2016
  • Counsel Cain Lamarre Casgrain Wells
PDF · Subscribers
Endorsement dated June 30, 2016
  • Counsel Paliare Roland Rosenberg Rothstein LLP
PDF · Subscribers
Stay Extension Order dated June 30, 2016PDF · Subscribers
Motion Record of Applicants returnable June 30, 2016PDF · Subscribers
Sixth Report of the Monitor dated June 23, 2016
  • Operational summary The Company's mining operations have been on care-and-maintenance standby since the end of 2013, with operations suspended effective June 1, 2016 until iron ore prices recover; it is progressing a claims process and developing a CCAA plan to convert debt into equity.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Claims Procedure Order dated April 18, 2016
  • Presiding officer Justice E. Swinton
PDF · Subscribers
Fifth Report of the Monitor dated April 12, 2016
  • Operational summary The Company's mining operations have been suspended and maintained on a care-and-maintenance standby basis since the end of 2013. No production is expected in 2016, and the Company is considering sales of surplus assets and refining a five-year business plan.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Book of Authorities of the Applicants dated April 8, 2016PDF · Subscribers
Factum of the Applicants dated April 8, 2016PDF · Subscribers
Motion Record of Applicants returnable April 18, 2016PDF · Subscribers
Endorsement dated December 16, 2015PDF · Subscribers
Stay Extension Order dated December 16, 2015PDF · Subscribers
Fourth Report of the Monitor dated December 11, 2015
  • Operational summary Mining operations have been suspended and maintained on a care-and-maintenance standby basis since the end of 2013 owing to low iron ore prices; the Company generates no operating revenue, is selling surplus assets (the Equipment), closing down the mine camp, and preparing a five-year Preliminary Plan, with the stay extension sought to June 30, 2016.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Motion Record returnable December 16, 2015PDF · Subscribers
Monitor's Certificate dated September 11, 2015
  • Closing confirmed Closed · 10 Sep 2015 · Toromont CAT, a division of Toromont Industries Ltd.
PDF · Subscribers
Approval and Vesting Order dated September 1, 2015
  • Closing terms vesting effective upon delivery of the Monitor's Certificate confirming payment of the Purchase Price and satisfaction/waiver of closing conditions
  • Order date 1 September 2015
  • Purchaser Tormont CAT, a division of Tormont Industries Ltd. · the Applicant's right, title and interest in and to the assets described in the Offer (the "Purchased Assets") · asset sale · approved
  • Sealed items summary of the unsuccessful offer and the Appraisal, attached as Confidential Appendices to the Monitor's Third Report
  • + 1 more extracted fact
PDF · Subscribers
Endorsement datd September 1, 2015PDF · Subscribers
Book of Authorities of the Applicants returnable September 1, 2015
  • Recovery outcome Entries: per unstated · Table missing:
PDF · Subscribers
Third Report of the Monitor dated August 26, 2015
  • Operational summary The Company's mining operations have been suspended and on standby since the end of 2013 due to low iron ore prices; it is seeking to restructure key contracts and refinance so it can resume mining when prices recover, and is selling surplus generators to raise liquidity.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 9 more extracted facts
PDF · Subscribers
Factum of the Applicants returnable September 1, 2015PDF · Subscribers
Motion Record of the Applicants returnable September 1, 2015PDF · Subscribers
Endorsement dated July 27, 2015PDF · Subscribers
Stay Extension Order dated July 27, 2015
  • Presiding officer Justice Hainey
PDF · Subscribers
Second Report of the Monitor dated July 21, 2015
  • Operational summary The Company's business has been largely inactive since the end of 2013 and no production was started in 2014 or 2015. It is maintaining the mine sites, moving to a lower-cost head office, marketing surplus diesel generators and considering a strategic transaction, while seeking a stay extension to December 18, 2015.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Motion Record returnable July 27, 2015PDF · Subscribers
Endorsement dated April 30, 2015PDF · Subscribers
Stay Extension Order April 30, 2015PDF · Subscribers
Book of Authorities of the Applicants returnable April 30, 2015
  • Recovery outcome Entries: per estimated; per estimated · Table missing:
PDF · Subscribers
Factum of the Applicants returnable April 30, 2015
  • Counsel FASKEN MARTINEAU DuMOULIN LLP
PDF · Subscribers
First Report of the Monitor dated April 24, 2015
  • Operational summary The Company's business has largely been inactive since the end of 2013 and no revenue from operations is projected; it is in care and maintenance mode while it restructures key contracts and seeks refinancing, hoping to resume mining when iron ore prices recover. It has disclaimed office and equipment leases and relocated its Toronto head office to a lower-cost location.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Motion Record of the Applicants returnable April 30, 2015PDF · Subscribers
CCAA Notice to Creditors
PDF · Subscribers
CCAA Initial Order dated April 2, 2015
  • Applicant LABRADOR IRON MINES HOLDINGS LIMITED, LABRADOR IRON MINES LIMITED and SCHEFFERVILLE MINES INC.
  • Appointee Duff & Phelps Canada Restructuring Inc.
  • Appointee role Monitor
  • Commencement date 2 April 2015
  • + 5 more extracted facts
PDF · Subscribers
Endorsement dated April 2, 2015PDF · Subscribers
Notice of Application dated April 2, 2015PDF · Subscribers
Application Record dated April 1, 2015
  • Applicant Labrador Iron Mines Holdings Limited, Labrador Iron Mines Limited and Schefferville Mines Inc.
  • Appointee Duff & Phelps Canada Restructuring Inc.
  • Appointee role Monitor
  • Commencement date 1 April 2015
  • + 2 more extracted facts
PDF · Subscribers
Book of Authorities dated April 1, 2015PDF · Subscribers
Factum of the Applicants dated April 1, 2015PDF · Subscribers
List of Creditors
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Report of the Proposed Monitor dated April 1, 2015PDF · Subscribers
Form of ProxyPDF · Subscribers

Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.

CiteProceedings., “Labrador Iron Mines Holdings Limited” (CCAA), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/labrador-iron-mines-holdings-limited

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Sources last checked · summary updated 19 August 2026 · Report a correction · Printed from proceedings.ca/case/labrador-iron-mines-holdings-limited

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.