Ontario · CCAA

The purpose of this First Report of the Monitor (the "First Report") is to provide information to the Court on: (a) the Applicants' operations and communications with stakeholders since the granting of the Initial Order; (b) the Monitor's activities since its appointment; (c) the Applicants' motion for an Amended and Restated Initial Order (the "ARIO") substantially in the form attached to the Applicants' Application Record dated November 29, 2021, among other things: (i) extending the Stay Period to February 18, 2022; (ii) increasing the amount of the Administration Charge to $300,000; (iii) increasing the amount that the Applicants are entitled to borrow under the DIP Facility to $10,000,000; (iv) authorizing Kesmark Estates Ltd. ("Kesmark"), in its capacity as Chief Restructuring Officer (the "CRO") of the Boreal Entities, with the consultation of the Monitor, to conduct an investigation with respect to the Property Transfers (as defined in the Initial Order); and (v) amending the powers, services and duties that the CRO is authorized to perform to include conducting the Investigation in consultation with the Monitor, changing the signatory on the Boreal Entities' bank accounts and redirecting the mail sent to the Boreal Entities by changing their mailing addresses

Court officer report · 1 December 2021